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Does Centrica have the cash for Rough’s £2bn redevelopment?
['Jessica Mills Davies']
Energy Voice
UK energy company Centrica’s cash position dropped at the end of the first half of the year, raising questions as to whether it will be able to invest £2bn in cash to re-equip the disused Rough gas storage field.
Energy Voice understands Centrica’s current production consent expires early next year in April, and that it does not intend to seek an extension to the licence.
Centrica has not injected gas into the Rough storage field this summer, Energy Voice understands.
A heatwave in the third week of June reportedly affected the UK’s fleet of back-up gas storage plants, as “ambient” temperatures hampered wind output and gas-generation alike.
Jessica Mills Davies is senior London correspondent at Energy Voice.