Data from National Gas released on March 7 shows that UK gas reserves have decreased sharply to 6,999 gigawatt hours (GWh), much lower than the level of 9,105 GWh in the same period last year. With current storage capacity that cannot meet 48 hours of demand, this country is facing a serious energy shortage risk.
The situation became worse when liquefied natural gas (LNG) tankers continuously shifted direction from the Atlantic to Asia to seek higher profits due to the impact of the conflict.
Gas prices in the UK market soared to 137 cents/therm unit, nearly double the level of 78.5 cents before the war broke out in Iran. Iran's blockade of the Strait of Hormuz - where 20% of global maritime gas circulates - along with the incident at Qatar's world's largest LNG plant after a drone attack squeezed supply. As a result, transportation companies prioritized contracts in Asia, leaving Europe behind in the energy race.
However, British officials are still trying to reassure public opinion by affirming that the country has diverse supply sources. The Ministry of Energy Security said that reserves only contribute a small part to the overall supply structure.
Most of Britain's gas is still secured from the continental shelf and pipelines directly connected to Norway, helping to maintain the flexibility needed to balance people's daily needs even in the rarest scenarios.
However, National Gas warns that long-term challenges cannot be ignored as exploitation output in the North Sea is rapidly decreasing. This agency proposes that the Government urgently expand storage facilities and establish more floating storage units to ensure national security.
Experts believe this is a "lifetime" for Britain to restructure its energy system in the face of unpredictable geopolitical fluctuations from the Middle East.
Although the mild temperature from the end of February has helped reduce heating demand, dependence on imports remains a fatal weakness. Maintaining energy security in the future will greatly depend on the system's ability to adapt to supply shocks from unstable areas such as the Strait of Hormuz.
