Officials Address Claims of Gas Shortage Amid Iran Conflict

Officials in Great Britain are responding to concerns regarding the nation’s gas supply following escalating tensions in Iran. Recent reports suggested that the country has only two days worth of gas reserves, as tankers transporting liquefied natural gas (LNG) are being redirected from Europe to Asia due to the ongoing conflict.

As of March 7, 2023, data from National Gas, which operates the gas national transmission system, indicated that the UK had 6,999 gigawatt hours (GWh) of stored fossil gas, a decrease from 9,105 GWh at the same time last year. The maximum storage capacity for gas is reported to be sufficient for 12 days of supply. Current levels, however, raise concerns about the potential for shortages if the situation in Iran deteriorates further.

Despite these claims, National Gas has reassured the public that Great Britain remains well-supplied. A spokesperson stated, “Britain’s gas storage levels are broadly in line with what we would expect at this point in the year and are comparable to this time last year.” The spokesperson emphasized that gas storage constitutes only a minor part of the UK’s overall gas supply, which is primarily sourced from the UK continental shelf and Norway, along with LNG imports and interconnectors with continental Europe.

The Department for Energy Security and Net Zero has also weighed in, asserting, “It is categorically untrue that the UK only has access to two days of gas supply.” Officials maintain that the country has a diverse energy mix and are confident in its security of supply. They highlighted the ongoing importance of gas in the UK’s energy system, particularly as the nation transitions to cleaner, more sustainable energy sources.

Ship-tracking data compiled by Bloomberg revealed that at least two LNG tankers have recently altered their routes from Europe to Asia, following three similar diversions the previous week. This redirection is notable in the context of rising gas prices, which have surged since the US and Israel initiated airstrikes on Iran ten days ago. Month-ahead gas prices in the UK jumped to 137p a therm, up from 78.5p a therm prior to the onset of the conflict.

As the situation develops, officials are committed to ensuring a reliable energy supply for the UK, emphasizing the importance of a diverse range of sources to meet demand throughout the year.