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13.09.2011 14:48
Major UK Gas Users Want Larger Storage Reserves
Large gas users said they may prioritise locating their businesses in continental Europe, where gas reserve requirements are much higher

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Britain's major industrial gas users want the government to force suppliers to hold a set proportion of their gas sales in storage to prevent supply interruptions, a survey showed on Tuesday.
Large gas users said they may prioritise locating their businesses in continental Europe, where gas reserve requirements are much higher. Respondents interviewed in the survey included manufacturing companies such as Tata Steel and chemicals producer INEOS .
"More physical storage capacity needs to start being built in the UK market within the next two years and there needs to be a requirement for gas suppliers to have sufficient contingency reserves," said Laura Cohen, chief executive of the British Ceramics Confederation, which represents around 100 UK manufacturers.
"This contributes to more stable prices and a more stable environment for UK manufacturing."
A survey of major UK gas users, covering 12.5 percent of British manufacturing gas demand, showed respondents felt the government and regulator Ofgem's proposals for gas supply will not be sufficient.
New rules plan to penalise suppliers if they fail to supply gas to major industrial consumers but government proposals have not imposed a requirement to build new gas storage sites.
British gas supplier Centrica has warned that profits from running gas storage sites are falling as the difference between purchasing gas at low prices in summer to then sell at high prices in winter is shrinking.

TAGS: UK | gas users | industry | natural gas storage | Ofgem | Europe 

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