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We may not be running out of gas but we still need a serious strategic gas reserve | Nils Pratley

While the set-up in Great Britain looks secure for now, the Iran war shows why more storage seems essential Alarmed that Great Britain has only enough gas in storage to cover two days of consumption? Actually, Michael Shanks, the energy minister, is right that the bald statistic is not a reason to run for the hills. But he would help his case if he admitted that the long era of running a “just-in-time” approach to gas supplies looks increasingly unworkable.Shanks is obviously correct that Great Britain does not source its supplies from storage. About 75% of our gas comes from the North Sea – from domestic fields and via the 725-mile underwater Langeled pipeline from Norway – and neither source is affected by the war in Iran. Continue reading...

Mar 09, 2026 &03240909202631; 19:24 UTC www.theguardian.com Trending 4/5

Read original on www.theguardian.com ↗

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Neutral impact

Sentiment score: -15/100

Moderate impact Medium-term (weeks)

WHAT THIS MEANS

UK energy minister defends current gas storage levels (2-day supply) as adequate given 75% domestic sourcing from North Sea and Norwegian imports, but analyst argues the 'just-in-time' supply model is increasingly risky amid geopolitical tensions like the Iran conflict, suggesting strategic reserves expansion is necessary.

AI CONFIDENCE

65% High

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

⇅

Oil (WTI Crude)

CL=FCommodity

High volatility expected

Geopolitical tensions in Iran region create oil price volatility; gas supply security concerns may support energy prices

↓

British Pound / US Dollar

GBPUSDCurrency

Expected to decline

UK energy security concerns could weigh on sterling sentiment if strategic reserves require significant capital investment

⇅

FTSE 100 (London)

^FTSEIndex

High volatility expected

UK energy sector stocks may face pressure from policy uncertainty; utilities could benefit from reserve expansion plans

PRICE HISTORY

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⚡ SUGGESTED ACTION

Monitor UK energy policy developments and utility sector stocks (SSE, National Grid) for potential reserve investment announcements. Consider long-term energy infrastructure plays if government commits to strategic storage expansion; watch oil/gas volatility from Middle East tensions.

KEY SIGNALS

UK gas storage at only 2-day supply capacity75% of UK gas from North Sea and Norwegian sourcesGeopolitical risk from Iran conflict affecting energy securityPolicy debate on 'just-in-time' supply model sustainabilityStrategic reserve expansion being considered

SECTORS INVOLVED

EnergyUtilitiesInfrastructure

Analysis generated on Mar 10, 2026 at 00:37 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by The Guardian Business. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

We may not be running out of gas but we still need a serious strategic gas reserve | Nils Pratley

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