Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Centrica    CNA   GB00B033F229

Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

Centrica : gains approval to convert some cushion gas from Rough storage site

share with twitter share with LinkedIn share with facebook
share via e-mail
09/26/2017 | 04:42pm CET

LONDON (Reuters) - British energy supplier Centrica has been granted permission by the country's oil and gas regulator to convert some so-called cushion gas into working gas from the Rough storage site it has decided to close.

Centrica applied to the Oil and Gas Authority in June to produce up to 0.868 billion cubic metres (bcm), or 30.7 billion cubic feet (bcf), of gas and associated liquids to maintain the integrity of the site and reduce pressure in the reservoir.

This is almost a fifth of the total cushion gas at the site, estimated at about 180 bcf.

Cushion gas is the minimum volume of gas required in an underground storage reservoir to provide the necessary pressure to deliver working gas volumes to customers.

Rough is Britain's largest natural gas storage site but at more than 30 years old has suffered from prolonged outages because of issues with the integrity of its wells.

Centrica Storage Limited (CSL) said it had received consent to operate the Rough storage site at between 115 billion cubic feet (bcf) and -80.7 bcf.

"This enables CSL to convert 30.7 bcf of cushion gas into working gas, equivalent to 9,463,611,111 kWh (kilowatt hours)," the company said in a statement.

Following a review of stock data, CSL said an additional 176,779,262 kWh will be included in Rough's reservoir stock.

"CSL will, with effect from today, report an increase in its stock in Rough by 9,640,390,373 kWh," it added.

Earlier on Tuesday a Centrica spokesman said that withdrawal of the gas will start when maintenance at the site ends in early October.

All of the 30.7 bcf of gas is expected to be withdrawn by the end of March 2018, he added.

Separately, Centrica has applied to the Competition and Markets Authority and the government to end permanently Rough's status as a storage facility and to produce all the recoverable cushion gas from the field.

(Additional reporting by Susanna Twidale; Editing by Jane Merriman and David Goodman)

By Nina Chestney

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on CENTRICA
08:14aCENTRICA : Chrysaor buys three North Sea fields from Spirit
03/19Exclusive - Rough justice? UK snubs call for gas storage capacity review
03/14GAZPROM : Kremlin control of British Gas? It could have happened
03/12Innogy's UK arm npower lost 155,000 domestic customers in 2017
03/12German Innogy carve-up could complicate SSE's npower merger
03/12Record number of UK energy customers switched supplier in February
03/07UK Energy Regulator Sets Out to Cut Bills GBP15-GBP25 a Year by 2021
03/06CENTRICA : Helping people thrive in older age
03/05Ofgem to limit back billing to 12 months
03/02CENTRICA : Myrtle Dawes shares the secrets of her success
More news
News from SeekingAlpha
02/23Centrica's (CPYYF) CEO Iain Conn on Q4 2017 Results - Earnings Call Transcrip.. 
02/22Centrica Plc 2017 Q4 - Results - Earnings Call Slides 
02/22Centrica Plc reports FY results 
01/30Utilities Dividend Stock Gains Paced By Just Energy, Spark, Pattern And Atlan.. 
01/12MY INVESTMENT PERFORMANCE IN 2017 : A Very Long Review 
Financials ( GBP)
Sales 2018 28 446 M
EBIT 2018 1 454 M
Net income 2018 732 M
Debt 2018 2 879 M
Yield 2018 8,85%
P/E ratio 2018 9,43
P/E ratio 2019 9,88
EV / Sales 2018 0,36x
EV / Sales 2019 0,36x
Capitalization 7 421 M
Duration : Period :
Centrica Technical Analysis Chart | CNA | GB00B033F229 | 4-Traders
Technical analysis trends CENTRICA
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 19
Average target price 1,54  GBP
Spread / Average Target 16%
EPS Revisions
Iain C. Conn Chief Executive Officer & Director
Richard Neil Haythornthwaite Chairman
Jeff Bell Group Chief Financial Officer & Director
Charles Cameron Director-Technology & Engineering
Mike Young Group Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
CENTRICA-3.50%10 500
ENGIE-5.37%40 501
NATIONAL GRID PLC-13.15%35 781
SEMPRA ENERGY3.26%28 239
ORSTED13.85%26 912