British gas reserves critically depleted, says operator
Centrica reports that colder temperatures and Ukraine's suspension of Russian gas transits have led to reduced storage levels in the UK. Read Full Article at RT.com
TroibNews 
Cold weather and Ukraine's cessation of Russian gas transits have resulted in increased demand, Centrica has cautioned.
According to the UK's main energy operator, gas storage levels are “concerningly low,” with reserves sufficient for less than a week of gas demand due to the recent cold snap and the halt of Russian gas transits. In a press release on Friday, Centrica revealed that the current inventory at Rough, the UK’s largest gas storage facility operated by the company, is 20% lower compared to the same period last year, despite being fully stocked before winter.
The report highlighted that Britain's gas storage is under significant strain this winter as the nation faces both frigid temperatures and escalating energy prices. The combination of the colder weather and Ukraine's decision to discontinue the transit of Russian pipeline gas has led to a depletion of gas inventories across the UK.
“Gas storage was already lower than usual heading into December as a result of the early onset of winter. Combined with stubbornly high gas prices, this has meant that it has been more difficult to top up storage over Christmas,” Centrica noted.
As of January 9, the report indicated that UK storage levels were 26% lower than the previous year’s inventory at the same time, leaving them at approximately half capacity.
The situation is “echoed across Europe,” the company remarked, stating that as of January 7, European storage was at 69% capacity, a decrease from 84% at the same time last year. This predicament has arisen despite many countries instituting mandatory minimum storage levels prior to winter.
“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,” commented Chris O’Shea, Group Chief Executive of Centrica.
In contrast to the EU, the UK does not have a mandatory gas storage target. Such targets were implemented by the bloc in response to the price increases and supply uncertainties experienced during the energy crisis of 2022.
European energy prices have surged following Ukraine's refusal to extend a contract with Russia’s Gazprom beyond 2024, effectively limiting the natural gas supply to certain EU nations. This situation has triggered immediate demands to extend the EU’s emergency gas price cap to avert a price shock throughout the bloc.
James del Carmen for TROIB News
According to the UK's main energy operator, gas storage levels are “concerningly low,” with reserves sufficient for less than a week of gas demand due to the recent cold snap and the halt of Russian gas transits. In a press release on Friday, Centrica revealed that the current inventory at Rough, the UK’s largest gas storage facility operated by the company, is 20% lower compared to the same period last year, despite being fully stocked before winter.
The report highlighted that Britain's gas storage is under significant strain this winter as the nation faces both frigid temperatures and escalating energy prices. The combination of the colder weather and Ukraine's decision to discontinue the transit of Russian pipeline gas has led to a depletion of gas inventories across the UK.
“Gas storage was already lower than usual heading into December as a result of the early onset of winter. Combined with stubbornly high gas prices, this has meant that it has been more difficult to top up storage over Christmas,” Centrica noted.
As of January 9, the report indicated that UK storage levels were 26% lower than the previous year’s inventory at the same time, leaving them at approximately half capacity.
The situation is “echoed across Europe,” the company remarked, stating that as of January 7, European storage was at 69% capacity, a decrease from 84% at the same time last year. This predicament has arisen despite many countries instituting mandatory minimum storage levels prior to winter.
“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,” commented Chris O’Shea, Group Chief Executive of Centrica.
In contrast to the EU, the UK does not have a mandatory gas storage target. Such targets were implemented by the bloc in response to the price increases and supply uncertainties experienced during the energy crisis of 2022.
European energy prices have surged following Ukraine's refusal to extend a contract with Russia’s Gazprom beyond 2024, effectively limiting the natural gas supply to certain EU nations. This situation has triggered immediate demands to extend the EU’s emergency gas price cap to avert a price shock throughout the bloc.
James del Carmen for TROIB News
