The government refuted allegations today that the UK has only a “two-day supply of gas” in its reserves. Concerns over a potential global energy crisis stemming from Middle East tensions have drawn attention to the UK’s gas storage capacity post-reductions during the previous Tory administration.
Current data from National Gas indicates that the nation’s backup natural gas reserves amount to 6,700 GWh. Additionally, a comparable volume of gas is stored in liquefied natural gas (LNG) facilities.
Addressing claims that the UK’s emergency gas supply is limited to just two days, a spokesperson from the Department for Energy Security and Net Zero dismissed the assertion as false. They emphasized the country’s diversified energy mix and expressed confidence in the security of gas supply.
The National Gas spokesperson noted that the UK’s gas storage levels are consistent with expectations for the time of year and are similar to previous years. They highlighted that gas storage is just one component of Britain’s varied gas supply mix, which includes sources from the UK Continental Shelf, Norway, LNG, interconnectors with Europe, and storage facilities.
Recent events such as the shutdown of Qatar’s largest LNG plant and the potential impact of conflicts on energy markets have led to a spike in gas prices. British reliance on imports makes the country susceptible to energy shocks, particularly concerning gas, following the closure of Centrica’s Rough storage facility in 2017.
Although the upcoming energy price cap for April is set to decrease, analysts warn of potential price hikes in July due to ongoing geopolitical tensions. Consumers may face higher energy costs in the future, reminiscent of the emergency Energy Price Guarantee implemented during the Ukrainian crisis in 2022.
