Reported 1 day ago
An Irish energy tycoon, Tony O'Reilly Jr., has introduced plans for a new gas storage facility in the Irish Sea that could increase the UK's gas storage capacity by over 50%. Backed by gas giant Snam, O'Reilly's Dcarbonx aims to redevelop a former gas site near Barrow-in-Furness as part of an £830 million project to mitigate national security risks tied to gas supply. Currently, the UK has the lowest gas storage capacity among G7 nations, with only enough reserves for 12 days of winter demand. The proposed facility could store 1.4 billion cubic meters of gas, potentially adding six days' worth of supply. As the UK prepares for a government consultation on gas system resilience, O'Reilly emphasizes the urgent need for increased domestic gas storage to ensure energy stability.
Source: YAHOO