Britain’s largest gas storage site risks closure by the end of the year unless the UK Government steps in to provide financial support.
Centrica, which owns the Rough storage facility, told The Telegraph of the potential shutdown this winter as it battles steep losses at the site.
Rough represents half of Britain’s gas storage capacity and its closure would be a significant blow to the resilience of the country’s energy system.
The UK remains reliant on gas to help back up intermittent wind and solar, particularly over winter.
Chris O’Shea, the chief executive of Centrica, which owns British Gas, warned the storage site was expected to lose £100million this year and said: “We can’t sustain that.”
He added: “I would be willing to close it. My job is clear. It is to grow the company, grow jobs, grow profits, and I take that seriously. We’ve made money over the past couple of years. But we’re now pouring £100m into this asset that we could invest in other things.”
Click here to read more on this story in The Telegraph.