Britain needs 'more gas storage'

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The UK will need to create more natural gas storage facilities if it is to safeguard its future energy security, it has been claimed.

According to climate change secretary Ed Miliband, the UK needs to invest heavily if it is to overcome its dependence on foreign fuel imports.

"Do we need more gas storage in the future? I would unequivocally say yes," the MP told a parliamentary energy and climate change committee today.

"I am conscious of the challenges around the credit crunch and talking to the European Investment Bank about getting more investment into the sector which could help with gas storage," Miliband added.

Miliband's comments come after a report by Centrica entitled Securing the UK's energy future, which claims £234 billion needs to be invested in Britain's ageing power infrastructure if it is to meet the government's renewable energy targets.

The figure is far higher than the amount outlined in Centrica's Costing the Earth report released last July.

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