UK winter gas storage to reach ‘concerningly low’ levels
London, January 10, 2025, (Oilandgaspress) –––The UK’s gas storage is under pressure this winter as the UK battles both extreme cold and high gas prices. The ongoing colder-than-usual conditions in the UK combined with the end of Russian gas pipeline supplies through Ukraine on 31 December 2024 has meant that gas inventory levels across the UK are down. As of the 9th of January 2025, UK storage sites are 26% lower than last year’s inventory at the same time, leaving them around half full. This means the UK has less than a week of gas demand in store.
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.
The situation is echoed across Europe. By 7 January 2025, despite many countries mandating minimum storage levels ahead of winter, European storage was at 69% capacity, down from 84% at the same time the previous year. The UK’s total gas storage capacity is around 10 per cent or less than in France, Germany, or the Netherlands.
As energy demand spikes due to the freezing weather, the UK has seen a particular strain on its gas storage. Despite being full ahead of winter, current gas inventory at Rough, the country’s largest gas storage site, which is operated by Centrica, is 20% lower than at the same time last year. Rough has played a crucial role so far this winter by supplying almost 420 million cubic meters (mcm) of gas since early November, enough to heat three million homes every day. Without Rough’s gas, UK consumers would face even higher prices, more imports and potential energy shortfalls. The UK is heavily reliant on Liquified Natural Gas (LNG) imports, but these shipments come with challenges. Most of the LNG the UK imports comes from the US, with each cargo traveling an average of over 3,000 nautical miles to reach UK shores. Many trading routes are also under pressure due to geopolitical issues. This means the UK is competing directly with other nations, particularly in Asia and Europe, for these vital shipments which can head for another destination at any time if other countries bid more than the UK.
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