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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.

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