CENTRICA was yesterday awarded a licence to reopen the UK's largest gas storage site, boosting plans to shore up domestic energy supplies this winter and reduce Western reliance on Russian fossil fuels.

The North Sea Transition Authority (NSTA) has greenlit plans to bring the Rough site back online, which is based off the East Coast of England in the Southern North Sea.

There are hopes the facility could be reopened as soon as this autumn, according to The Telegraph, however ministers are still in talks with Centrica about possible financial support to help it reopen.

This could see a further levy added to consumer bills, deepening the cost of living crisis, with energy specialists already forecasting the consumer price cap will rise above £3,000 per year this winter during the coldest months of the year.

(c) 2022 City A.M., source Newspaper