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Britain to run out of gas reserves in 36 hours

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Britain’s gas reserves are running out in 36 hours amid an unreasonable cold weather leaving the country on expensive foreign imports, local media reported.

According to the British media reports the country’s gas storage has less than two days’ supplies left, with lower-than-usual temperatures force millions to turn up their heating.

The shortfall could force the long-term price of gas higher, and analysts warn tariffs are likely to rise by up to 15 percent before next winter.

“There is no other Western economy of our size that uses as much gas as we do, but has so little storage,” the Daily Mail quoted energy analyst Peter Atherton as saying.

According to the source the UK has only 15 days of storage capacity, given the current level of consumption, which is less than in any of its European neighbors.

On Friday, the price of wholesale gas surged to a record high after the unexpected closure of the UK-Belgian interconnector, one of the UK’s biggest import pipelines. The price of gas for same-day delivery jumped as much as 50 percent.

In addition to that Norway plans to reduce the capacity of its pipeline for maintenance work in April.

Under those circumstances the UK could become more dependent on imports.


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