Centrica aims to reopen UK's largest natural gas storage site as energy crisis deepens
This Is Money
09/06/2022
Centrica has moved a step closer to reopening the UK’s largest natural gas storage site as the energy crisis deepens.
The British Gas owner has submitted a formal application to the North Sea energy regulator to reopen Rough, five years after the site was closed for ‘economic’ reasons.
Previously, the facility – 18 miles off the east coast of Yorkshire – accounted for 70 per cent of Britain’s natural gas storage capacity.
© Provided by This Is Money
Gas tap: Centrica has submitted a formal application to the North Sea energy regulator to reopen Rough, five years after the site was closed for 'economic' reasons
If the application is accepted by the regulator and the Government, much needed natural gas could be injected within months.
Video: Yergin: Natural gas supply is causing the most concern for industry and consumers (CNBC)
-
Twitter going for quick fixes instead of what users want, says Platformer's Casey Newton
CNBC -
Risk rewards appear balanced this year, says Goldman Sachs' Tony Pasquariello
CNBC -
The billionaire brawl, 10 years later: Carl Icahn versus Bill Ackman over Herbalife
CNBC -
Ford's cost structure remains stubbornly high, says Deutsche Bank's Emmanuel Rosner
CNBC -
Stock market wants to rip higher despite mixed tech earnings, says Annandale's George Seay
CNBC -
The "Fast Money" traders five their bull cases for an opportunity not seen since before the financial crisis
CNBC -
Stock market sees that Fed rate hikes don't matter, says NFJ's John Mowrey
CNBC -
The Week Ahead: Biden set to deliver State of the Union address
CNBC -
The Week That Was: Federal Reserve raises rates
CNBC -
Surprise surge in job growth tanks markets—Here's why stocks dropped Friday
CNBC -
CNBC TechCheck Evening Edition: February 3, 2023
CNBC -
PNC CEO Bill Demchak on recession risks, jobs report and the state of the consumer
CNBC -
Consider annuities to cover expenses, says financial advisor
CNBC -
Truist Securities' Youssef Squali explains why Amazon stock is trading low
CNBC -
With unemployment at 3.4%, a recession is clearly not imminent, says Edward Jones' Mona Mahajan
CNBC -
The economy overall is displaying resilience in the labor market, says NEC Director Brian Deese
CNBC
-
Twitter going for quick fixes instead of what users want, says Platformer's Casey Newton Casey Newton, Platformer founder, joins 'Closing Bell: Overtime' to discuss Twitter considering to charge $1,000 a month for brands to stay verified. CNBC
-
Risk rewards appear balanced this year, says Goldman Sachs' Tony Pasquariello Tony Pasquariello, Goldman Sachs, joins 'Closing Bell: Overtime' to discuss whether or not the market rally will remain intact. CNBC
-
The billionaire brawl, 10 years later: Carl Icahn versus Bill Ackman over Herbalife Ken Squire, 13-D Monitor founder and CNBC contributor, joins 'Closing Bell: Overtime' to discuss the billionaire brawl between Carl Icahn and Bill Ackman about 10 years later CNBC
Centrica added the discussions with the Government were in the early stages as to the role the site could play.
Talks are said to have been constructive so far but a sticking point is how the scheme will be paid for, with the company claiming it will only be viable with state support.
The UK is preparing for a tough winter and the Government wants to explore all options to tackle the energy crisis facing the nation.
More From This is Money
-
Meteorologist and TV presenter Clare Nasir tells ME & MY MONEY about her best money move: The day I married the 'Martin Lewis' of 6 Music!
This Is Money
-
MIDAS SHARE TIPS: Here's a tempting remedy to perk up your portfolio... Haleon focuses on what might be called the serious side of everyday health
-
Access to cash on the high street remains under threat, but it is a right for all - MPs would do well to uphold it, says JEFF PRESTRIDGE
This Is Money
