The UK energy market is at the centre of a debate regarding the storage of natural gas, amidst suggestions that the low levels of gas storage are putting the UK economy at risk.
The UK’s gas reserves generally cover around 14 days of gas for a country that relies heavily on the resource to supply power to its industry and energy to millions of homes.
However, The Commons Energy and Climate Change Committee have this week suggested that such a delicate balance could easily be upset in the event of a supply problem, leading to a spike in prices that the current economy is not equipped to deal with.
The Committee’s report also states that the Government would be well advised to diversify its energy resources to avoid being so reliant on one type of fuel. However the main argument is that the UK should fall in line with other European countries like France, who store enough gas to sustain the country for over 80 days – nearly four times the level of the UK reserve.
North Sea oil and gas reserves are declining, which means that the UK will come to rely on overseas imports more and more in the coming years. This is a sustainable approach; unlike the low levels of gas reserves, which could lead to huge increases should the supply chain be interrupted for any reason.
Households across the country rely on gas supply to heat their homes, but more and more of us are struggling to deal with the price of energy as the cost of living increases. This issue has been helped by energy comparison services, which help keep the cost of energy to a minimum for homeowners around the UK.
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