Energy company Centrica, which owns British Gas, has signalled its faith in natural gas’s role in the UK’s future energy mix through two strategic deals.
First, together with a US-based private equity firm, Centrica has agreed to by Kent’s Isle of Grain terminal. This is the biggest facility for importing liquified natural gas (LNG) in Europe with the capacity to import 15 million tonnes of the fuel each year. National Grid currently owns the terminal, but it has been focusing more in recent years on electricity infrastructure.
Centrica’s group chief executive, Chris O’Shea, said about the acquisition:
“The Isle of Grain terminal is a strategic asset that will support the UK’s energy security for many decades to come, keeping energy flowing reliably and affordably to households and businesses across the country as we transition to net zero. That’s why we are so pleased to be investing…”
The company also struck a deal with Norway’s Equinor earlier in the year to buy enough gas to supply five million homes each year for ten years. It has also asked the UK Government to support upgrades to its Rough facility for storing gas, so the country will have a backup resource during a renewables drought.
Gas is clearly here to stay for now, both for electricity generation and heating households. Nevertheless, Xgas can help you reduce your gas usage by replacing an old, inefficient boiler with a modern boiler installation in Chester and Wrexham. Get in touch to also learn how you can spread the cost through financing plans.