The UK needs more gas storage to guard against “short-term shocks and longer-term stresses” in the energy system, Parliament’s watchdog has warned.
The UK’s current storage capacity works out as 14 days worth of gas supply, reveals a report by MPs on the Energy Select Committee. MPs believe this is a dangerously low level compared with other European countries. France has 87 days worth of gas storage, Germany has 69 and Italy has 59.
The report argues that a resilient energy system relies on having sufficient gas storage. It advises Government to set out a clear strategy to encourage more investment in it.
Tim Yeo MP, Chair of the committee said that “prudent planning” would give the UK a greater degree of security, even as we become more dependent on energy imports because of the decline of North Sea oil and gas.
He said: “Fortunately the UK is already reasonably energy secure, but encouraging investment in gas storage and insulating more homes will improve our position and help to reduce the impact of rising global energy price rises.”
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