Traders Brace for First Winter Without U.K.’s Big Gas Store

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For the first time in more than three decades, natural gas traders, utilities and producers are preparing for a winter without the U.K.’s biggest storage facility.

With Centrica Plc’s North Sea Rough storage site almost empty after wells deteriorated, the U.K. is set to lose a quarter of its daily supply capacity during the winter as well as its ability to quickly respond to short-term swings in demand. Britain will import more fuel, which may be costly and create opportunities for traders and producers, as well as boost business for smaller storage sites.

The shutdown of Rough, a depleted North Sea field run as a storage site since 1985, will impact the U.K. economy through more volatile energy prices during the peak winter season and increase the reliance on imports via liquefied natural gas tankers that can take weeks to arrive…

 

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