Centrica Adds Gas Storage Capacity Before Winter: The London Rush

The UK’s energy system is getting a timely boost that may also go some way to ease the cost-of-living crisis. Centrica increased capacity at the country’s biggest gas storage site, Rough, providing a bigger safety cushion for next winter that will also help keep prices in check. But it cautioned that Britain is still lagging behind other major nations in its ability to store the commodity.

(Bloomberg) — The UK’s energy system is getting a timely boost that may also go some way to ease the cost-of-living crisis. Centrica increased capacity at the country’s biggest gas storage site, Rough, providing a bigger safety cushion for next winter that will also help keep prices in check. But it cautioned that Britain is still lagging behind other major nations in its ability to store the commodity.

Here’s the key business news from London this morning:

In The City

Centrica Plc: The British Gas owner is boosting capacity of Rough for the coming winter, providing enough volume to heat 2.4 million homes.

The additional capacity means Rough can store up to 6 days of average UK gas use, the company said, adding the measure is likely to help keep prices down for customers

Barratt Developments Plc: The construction firm agreed the future sale of 604 homes to Citra Living Properties, wholly-owned unit of Lloyds Banking Group, for £168.4 million in cash.

Over 500 are expected to be legally completed and transferred to Citra’s ownership by June 2024

MJ Gleeson Plc: The Sheffield-based homebuilder struck a deal to sell a portfolio of 288 homes to Carlyle Group Inc. and Gatehouse Investment Management for £50.4 million in cash.

Up to 66 homes are likely to be completed in the financial year ending on June 30, with the remaining expected in 2024

Pendragon Plc : The car dealer’s chairman Ian Filby intends to resign, the company said.

Filby, who took over the job less than two years ago, will continue in the role until a successor is found
The company also said its performance is in line with the board’s expectations, as the positive trading momentum continued in the second quarter

Vanquis Banking Group Plc : The Bradford-based lender appointed Peter Estlin as chair, replacing Patrick Snowball, who informed the board of his intention to step down this year.

In Westminster

The UK is considering options to blunt the cost of post-Brexit border checks on European food imports due to start in January over fears these could exacerbate the country’s inflation problem. The government has been studying the potential impact of the measures, which include physical examinations and extra paperwork, people familiar with the discussions said. The controls will add to costs for importers that may then be passed onto consumers.

Britain has also made last-minute amendments tightening its sweeping, long-awaited Online Safety Bill following scrutiny in Parliament’s House of Lords. Internet companies carrying pornographic content will be explicitly required to use age verification or estimation measures, and ensure these methods are effective, the Department for Science, Innovation and Technology said.

And Rishi Sunak unveiled his long-awaited plan to recruit record numbers of doctors and nurses, as he seeks to win back voters who blame his ruling Conservatives for the crisis facing the National Health Service. The blueprint to both recruit and retain NHS workers could see an extra 60,000 doctors, 170,000 more nurses and 71,000 more health staff in place by 2036-37, according to NHS England.