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Gas spot prices spiked to a record high of 150 pence a therm on Friday as an interconnector failure exacerbated short supplies. Interconnector UK said the affected pipeline was running on reduced flow shortly before midday.
The Department of Energy and Climate Change (Decc) was at pains to reassure the public that gas was not about to run out, as had been suggested in a rash of media reports.
It hit back against claims gas reserves could be exhausted by 8 April, saying it was normal for storage levels to be low at this time of year and the market was responding appropriately.
“Gas storage would never be the sole source of gas meeting our needs, so it is misleading to talk purely about how many days’ supply is in storage,” a spokesman said.
“Storage levels are low at the moment – as you’d expect towards the end of winter – and the UK gas market is tight. But the market is responding as it is designed to do – gas prices are rising and supply is being maintained accordingly.”
Decc is in contact with National Grid, who will respond if there is a risk of supply shortfall, he added.
National Grid confirmed that gas storage “is at levels that we would expect this time of year” and said two shipments of LNG are due to arrive in “a matter of days”.
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