Plans for £250 million undersea gas storage development
It has been revealed that a £250 million gas storage government is under consideration for a location off the coast of Northern Ireland around 1500 m below sea level. The gas store will be able to hold around 500,000,000 m³ of natural gas and the location is said to be perfect due to the 200 m thick layer of ancient salt above the caverns in question.
The UK gas storage network has been under review over the last few months after problems with overseas supplies pushed the network to the limit and indeed some companies in the UK were forced to switch off their gas supply at peak times during the day. While the £250 million offshore development is at a very early planning stage there are hopes that it will be able to hold around 5% of UK peak time gas requirements and alleviate the pressure felt some months ago.
This investment in the gas storage network is likely to be the first of many over the coming months and years in the UK energy sector, as the need to update services and data systems continues. Many believe that the UK government has allowed the energy companies too much of a free hand with regards to energy charges and energy investment and we could pay the price in the short term.
Share this..
Related stories
Ukraine cuts off three key gas pipelines
The European gas market is tonight in turmoil after the Ukraine cut off three key gas pipelines to Europe as the dispute with Russia continued to escalate. The Ukraine is at loggerheads with Russia because of the cost associated with transporting gas to Europe via what is one of the most important gas transportation pipelines in the world. So what does this mean to the European market?
Consumers looking online for the best bargains
As the retail sector in the UK continues to hit further turbulence there are signs today that more and more consumers are looking online for the best bargains. While many shops are closed until Boxing Day a number of online sites have already started their New Year sales with bargains galore. This comes at a time when yet more well-known names in UK retail sector have requested financial assistanc...
Read MoreUK national debt equates to £4500 for each UK family
In a startling turnabout the UK finances have taken a serious hammering over the last few months. A report today confirms that national debt now stands at £717 billion which equates to £4500 for every family in the UK. The figure of £717 billion is £100 billion higher than the government had forecast only last year and many experts believe this will move towards £2 trillion over the next 12 t...
Read MoreHave Higher Fuel Prices Finally Introduced The Green Factor?
While governments around the world have been fleecing the population in the name of green issues for many years, it seems that the rise in the price of oil has succeed in converting many where the government ' sledge hammer to crack a nut' approach has failed.
Over the last 20 years there can be few countries in the world that have experienced the introduction of as many taxes in...
Brits hang onto old bills
Most people store financial documents for at least two years with only a fifth of people throwing their bills away within a year, according to HSBC's Green Survey.Coinciding with the launch of HSBC's green banking options, the poll has revealed that although 85 per cent of people would like to reduce the amount of paper they have at home, 82 per cent of people hang onto bills for utilities, credit...
Read More