Centrica ditch Caythorpe gas storage project
Centrica has decided to scrapped plans for a major gas storage project near Caythorpe after the Government said they would not intervene to encourage the market.
The parent company of British gas has also scrapped plans for a similar poject at Baird in the southern North Sea, costing the businesses around £240m.
Caythorpe is a depleted onshore gas field and Centrica had hoped to develop gas storage as an attractive proposition should intermittant power generation cause violatile power generation.
Centrica purchased the Caythorpe field from Warwick Energy in 2008.