Gas storage turns a profit as Britain’s reserves could be hit

Britain’s largest gas storage facility, Rough, has returned to profit for its owner Centrica, reporting adjusted operating earnings of around £57 million in the first half of 2026, according to the company’s results. The swing back into the black comes as Centrica has declined to refill the site over the summer without a government support framework, meaning Rough is expected to be close to empty going into winter which could affect bills.

Centrica has also confirmed that its production consent for Rough expires in April 2027 and that it does not intend to seek an extension, saying continued operation without redevelopment makes no economic sense. The company is pressing ministers to back a £2 billion redevelopment underpinned by a “cap and floor” pricing mechanism.

Last year, Centrica moved to secure more imports of gas via a deal with Norway’s Equinor.

A spokesperson for the End Fuel Poverty Coalition said:

“It cannot be right that a storage site can turn a profit for its owner while being left close to empty, weakening one of the country’s key defences against cold snaps and the price spikes that push up bills. Meanwhile the firm responsible, turns to bring in more imports to supply customers.

“Britain’s energy security should never depend on the commercial decisions of a single private company. Gas storage is critical national infrastructure and it needs to be treated that way, not run down whenever it stops paying its owner enough.

“But storage only ever softens the blow. The real problem is our dependence on gas, which leaves households hostage to the price shock profiteers and volatile global markets. The lasting fix is to get off the fossil fuel rollercoaster: back homegrown renewable power, reform electricity pricing and upgrade the coldest, dampest homes, so bills fall and families are protected for good.”