British Gas Boss Warns UK on Brink of Winter Fuel Shortage
The UK is at risk of a fuel shortage this winter due to low gas storage levels, according to the CEO of British Gas's owner Centrica. Chris O'Shea warned that 'time is rapidly running out' as winter approaches and that the country has 'almost no gas in storage for the coming winter'. This is a huge concern for energy security, he said.
The current level of natural gas storage stands at 9356.6 GWh, compared to 13635 GWh in the same period last year. O'Shea is calling on the government to support a £2bln redevelopment of its Rough Field offshore gas storage facility.
Centrica's CEO said that for too long, the UK has relied on other countries to provide energy security, underinvesting in gas-fired power generation and gas storage. He added that it's time to fix this issue, and he's willing to invest £2bln of his company's shareholders' money to redevelop Rough Field with the right regulatory support framework.
The UK can only store around an estimated 5 percent of its own annual total demand, relying heavily on imports. Natural gas accounts for around a third of the UK's overall energy mix, with less than half of that being domestically sourced gas.