Two months ahead of schedule, the European Union aims to reach its goal of filling warehouses natural gasas countries prepare for a difficult winter, with Russia limit supplies and raise prices.

According to Bloomberg, the EU’s natural gas reserves were 79.4% full on August 27, with the target being 80% full by November 1.

Natural gas storage regulations have been tightened this year after levels were lower last winter than in previous years, especially at sites in Germany controlled by Russia’s Gazprom.

Gas storage helps countries better cope with any supply disruptions while covering 25% to 30% of winter consumption.

With inventories on the rise, European countries are a bit better prepared for further supply cuts as Gazprom unexpectedly starts maintenance work on the Nord Stream gas pipeline tomorrow.

Cooler temperatures expected in Eastern Europe and parts of the Iberian Peninsula next week will also help countries save more on natural gas as less energy is needed for cooling.

European gas prices posted their biggest drop since March yesterday after Germany said its storage facilities were filling up faster than planned. In particular, they are expected to reach the national target of 85% room occupancy set in October as early as September, Economics Minister Robert Hambeck said.

In Poland, warehouses were almost 100% full on August 27, while in Portugal they were full. Italian warehouses were 81% full, Hungarian 62% and Bulgarian 60%.

France’s storage facilities are more than 90% full and it is estimated to have enough fuel to endure a winter of moderate temperatures.

Source: moneyreview.gr