The UK has less than a week of gas demand in store.

As of January 9, 2025, UK storage sites’ inventory was 26% lower than last year’s inventory at the same time, leaving them around half full,” Centrica said. This means the UK has less than a week of gas demand in store.”

The UK government has stated that it is actively monitoring energy levels and possesses “all tools” necessary to secure the nation’s energy supply. In the event of increased demand, the UK has the option to purchase additional supplies from Continental Europe.

Centrica reported that gas storage facilities in the UK are currently about half full. This assessment comes during a period of freezing temperatures, although the Met Office has predicted a shift in weather patterns starting Friday, with milder conditions expected next week.

Craig Lowrey, principal consultant at Cornwall Insight, told the BBC that household energy prices are capped until the end of March, making it unlikely that any shortages will impact consumer bills. However, he noted that a short-term spike in wholesale prices could affect some business customers. Fortunately, with the forecasted milder weather from next Tuesday, such a price spike is not anticipated. Currently, wholesale gas prices are lower than they were at the beginning of the year.

Gas inventory levels have been strained by the recent cold weather and the cessation of Russian gas pipeline supplies through Ukraine at the end of last month. Although Britain’s gas storage capacity is relatively limited, it has improved compared to a few years ago. Approximately half of the current storage capacity is located at Centrica’s Rough facility off the coast of East Yorkshire.

Originally closed in 2017, the Rough facility was partially reopened in October 2022 in response to the energy crisis triggered by Russia’s invasion of Ukraine. Additionally, there are liquid natural gas storage options at three terminals and several smaller facilities across the country.

In scenarios where the UK requires more gas, traders can access EU stockpiles, provided they are willing to pay the appropriate prices. Centrica is planning to invest £2 billion in the Rough facility to enable hydrogen storage as the UK transitions away from natural gas to meet its green energy targets.

The company has been urging the government to officially include hydrogen in the UK’s future energy mix to justify this significant investment.