19th Aug 2024 16:48
(Alliance News) - EnergyPathways PLC on Monday said it applied for a gas storage licence to develop a storage hub equal in size to the largest existing facility in the UK.
The Worthing, England-based low-emissions energy company submitted a gas storage licence application to the North Sea Transition Authority for its planned Marram Energy Storage Hub project.
EnergyPathways shares were down 10% to 2.25 pence each in London on Monday afternoon.
The application covers an offshore area in the UK Irish Sea that includes the company's 100% owned Marram gas field.
MESH will store enough energy to heat 2.2 million average UK homes over winter with underground geo-storage capacity of approximately 50 billion cubic feet of gas, equivalent to the Rough facility which is currently the largest of such in the UK.
Chief Executive Officer Ben Clube said: "We are delighted to have submitted our gas storage licence application to the NSTA. As part of this the company has assembled a number of tier 1 energy and engineering companies that are interested in participating in the MESH project. In reaching this milestone for MESH, we are pleased to be bringing forward an energy transition project that strongly aligns with the UK government's energy policy and objectives."
By Elijah Dale, Alliance News reporter
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