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Highlights
- Centrica has announced that it has returned the Rough gas storage facility in the North Sea to 20% of its earlier capacity.
- Despite being at only a fifth of its total capacity, Rough would become the country’s single biggest gas storage site.
- National Grid warned of its outlook of electricity blackouts this winter.
Finally, there seems to be some good news ahead of the winter season, the UK’s largest gas storage site has been reopened. While energy suppliers are making efforts to meet the soaring demand, Centrica has announced that it has returned the Rough gas storage facility in the North Sea to 20% of its earlier capacity.
Despite being at only a fifth of its total capacity, Rough would become the country’s single biggest gas storage site. The site would potentially add approximately 50% to the quantity of gas stored in the UK at a particular time.
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In 2017, Centrica shut down the site when it decided that it didn’t make much sense to pay for its exorbitant overhaul when even the government refused to provide it with financial support. However, the recent Russia-Ukraine war has pushed gas prices to new heights, and Russia’s ruling on cutting down the supplies to Europe has driven the company to revive Rough.
For the first time in several years, National Grid warned of its outlook of electricity blackouts this winter. However, it still believes that blackouts are not likely to happen. Ahead of the rough winter, UK investors can keep an eye on the following energy utility stocks trading on the London Stock Exchange.
Centrica plc (LON: CNA)
With a market cap of £2,926,969.00, Centrica plc shares were witnessing a rally by 6.41% on 28 October at around 1:00 PM (GMT+1) at GBX 74.08. The YTD (year to date) return of the UK-based international energy and services firm stands at 3.61% as of Friday. Meanwhile, its annual return and EPS (earning per share) lie at 22.71% and 0.21, respectively, with a turnover (on book) of £2,926,969.00.
National Grid plc (LON: NG.)
With a market cap of £34,412.89 million, National Grid was rallying by 0.19% on 28 October at around 1:00 PM (GMT+1), at GBX 942.00. The YTD return of the UK-based global electricity and gas utility business stands at -11.15% as of Friday. Meanwhile, its annual return and EPS lie at 0.47% and 0.65, respectively, with a turnover (on book) of £7,303,435.51.
ContourGlobal plc (LON: GLO)
The YTD return of the UK-based company engaged in power generation, ContourGlobal plc, stands at 32.71% as of Friday. Meanwhile, its annual return and EPS lie at 27.00% and 0.12, respectively. GLO shares were trading at GBX 254.00 on 28 October at around 1:10 PM (GMT+1). With a turnover (on book) of £5,639.16, the market cap at the time of writing stands at £1,668.63 million.
