Gas Storage5 Mar 2024 10:35
"Despite the ongoing political and fiscal uncertainty, Kistos is pressing ahead with acquisitions focused on the energy transition.
The company announced last week it had purchased two onshore gas storage facilities in Cheshire from EDF Energy for £25 million.
With gas storage options in short supply in the UK, Mr Austin said investing in the “absolutely critical” infrastructure will deliver an important asset for Kistos.
“There aren’t many things encouraging you to continue to invest in the UK right now,” Mr Austin said.
“But this is something that we can feel good about, and it’s also an asset that once the transition [away from gas] has happened and gas is moving out of the mix, we can repurpose with either hydrogen or compressed air and continue to use for the good of the country.”
Fast-cycle gas storage gives ‘flexibility’
Mr Austin said compared to other UK gas storage facilities, like Centrica’s Rough field, the Hill Top and Hole House sites are “much faster cycling”.
Hill Top alone comprises 11% of the UK’s fast cycle gas storage capacity, providing Kistos with one of the most “flexible energy batteries” available in the UK, Mr Austin said.