On Friday, Centrica said the UK “has less than a week of gas demand in store.” Gas supplies have come under strain after a cold snap across the UK and the end of Russian gas pipeline supplies through Ukraine at the end of last month and that Britain’s storage sites are 26 per cent lower than they were at the same time last year, leaving them around half full.
Chris O’Shea, group chief executive of Centrica, said, “The UK’s gas storage levels are concerning low. We are an outlier from the rest of Europe when it comes to the role of storage in our energy system and we are now seeing the implications of that.” Gas storage levels were already below normal as December approached, due to the early arrival of winter. Coupled with persistently elevated gas prices, this situation has made it increasingly challenging to replenish storage during the Christmas period.
The UK stores gas reserves primarily in underground storage facilities, salt caverns, and depleted gas fields, which allow the country to manage fluctuations in demand, particularly during colder months.
The UK’s low gas storage levels, coupled with its heavy reliance on imports, present a concerning risk to energy security. With less than a week’s supply left, the country faces vulnerability, especially during extreme cold spells. This reliance on external sources, combined with limited storage capacity, exacerbates the potential for disruptions in supply.
