The UK energy market: review of Winter and looking ahead to Summer 2023

Winter 2022/23 included a demand day of 417mcm, the highest seen since ‘Beast from the East’ 5 years ago. Baseload supplies from the UK Continental Shelf (UKCS) were broadly in line with expectations, with Norwegian Continental Shelf (NCS) supplies slightly lower than anticipated due to flows being favoured to Europe. LNG supplies were at a record level, the highest we have seen during any winter to date. For this Summer, European storage stocks are higher than they were this time last year, which we expect will reduce the need for GB supplied gas into Europe, although uncertainties remain. EU regasification […]