The UK’s relative lack of gas storage capacity is “not relevant” to the current spike in gas prices, UK Business Secretary Kwasi Kwarteng told parliament on Thursday.

At about 2% of annual demand, the UK has some of the lowest gas storage capacity in Europe, where the average is about 25%.

The UK's storage capacity was cut drastically in 2017 when utility Centrica decided to stop utilising its Rough field in the southern North Sea as a storage facility to instead produce its remaining reserves.