Chris O’Shea, the CEO of Centrica, the company behind British Gas, is an unconventional leader. Despite his fear of heights, he ventures onto an offshore platform in the North Sea to promote his vision of the Rough gas storage facility as a solution to energy shocks and a pathway to a greener economy.
O’Shea successfully revived Rough last year amid an energy crisis and has now announced a significant increase in its storage capacity, making it capable of heating 2.4 million homes in cold weather. His ultimate goal is to develop Rough into the world’s largest gas storage facility, potentially creating thousands of jobs and positioning the UK as a leading hydrogen economy.
To achieve this, O’Shea believes the government must provide a supportive regulatory framework, including an agreed rate of return for Centrica. He assures that the investment in Rough will ultimately lead to reduced bills and greater energy system resilience. O’Shea plans to increase Rough’s capacity to 200 billion cubic feet, surpassing China and making the UK a net energy exporter.
While O’Shea acknowledges the concerns about executive pay in listed companies, he highlights the value lost in smaller energy firms’ failures. He criticizes the founders of these failed companies for enriching themselves at the expense of consumers and calls for stricter regulations, including the mandatory ring-fencing of customer deposits.
Centrica itself has faced controversy, such as the incident where third-party collectors forcibly installed pre-payment meters. O’Shea assures that steps have been taken to address these issues, including bringing debt collection in-house.
Looking ahead, O’Shea emphasizes the need for a more resilient energy system in the UK, noting the country’s lower gas storage capacity compared to European neighbors. He highlights the importance of Rough with its vast natural gas reserves as a crucial asset for energy security and believes that keeping it operational would have resulted in lower energy prices.
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