British Gas owner warns UK gas storage has 'less than a week' before running out

British Gas owner Centrica has warned that the UK's gas storage has hit "concerningly low levels" with less than a week's worth of demand left in store.

Centrica put the shortage down to the recent freezing temperatures that have led to higher demand on the UK's gas network. Gas levels are currently lower than usual due to a combination of the cold weather and the end of Russian gas pipeline supplies through Ukraine, according to the company.

Centrica said that UK gas storage sites are holding 26 per cent less than they did this time last year, leaving them around half full. This means the UK has "less than a week of gas demand in store", Centrica warned. The government has addressed the concerns, insisting the UK will be able to meet demand through the winter.

Chris O’Shea, group chief executive of Centrica said: "The UK’s gas storage levels are concerningly low. We are an outlier from the rest of Europe when it comes to the role of storage in our energy system and we are now seeing the implications of that."

Other countries are facing similar shortages, according to Centrica, with European storage at 69 per cent capacity, down from 84 per cent at the same time the previous year. However, the UK’s total gas storage capacity is around 10 per cent or less than in France, Germany or the Netherlands.

Mr O'Shea added: "Energy storage is what keeps the lights on and homes warm when the sun doesn’t shine and the wind doesn’t blow, so investing in our storage capacity makes perfect economic sense. We need to think of storage as a very valuable insurance policy. Like any insurance policy, it may not always be needed, but having more capacity helps protect against worst-case scenarios."

No 10 said in a statement: "We are