The EU’s gas reserves are 90% full, two and a half months before the November 1 deadline, the continent is well prepared for next winter amid market instability, the press from Belgium writes.
Following Moscow’s invasion of Ukraine and a sharp cut in supplies from Russia, 27 countries adopted a legal framework in June 2022 that obligates them to collectively reach 90% gas reserves by November 1 each year.
A way to strengthen its energy autonomy and reduce dependence on Russian gas supplies. Russia accounted for 15% of gas imports to the EU in the first quarter – this percentage has halved over the year. Over time, Europeans have increased their purchases of American liquefied natural gas (LNG).
According to the aggregated data of “Gas Infrastructure Europe” (GIE), the association uniting European gas infrastructure operators, on Friday, European warehouses were filled by an average of 90.12% – that is, a total of about 93 billion cubic meters. Levels vary from country to country, from 77% in Latvia to over 99% in Spain and 84% in France.
According to the Commission, a percentage of 90% can cover up to a third of the EU’s gas needs in winter.
“The EU is well prepared for the winter, this will contribute to greater stabilization of the (energy) markets in the coming months,” – responded European Commissioner for Energy Kadri Simson. The gas market, however, remains vulnerable to spikes, with prices rising sharply in early August after threats of a strike at major gas utilities in Australia and amid strong demand in Asia.
“The commission will continue to monitor the situation to ensure that storage levels are high enough as winter approaches,” Ms Simson said. “The game is not over yet, we must remain cautious and prepare for headwinds” such as a harsher-than-expected winter or turbulence in gas markets, Czech Industry and Energy Minister Jozef Sikela has warned since June.
On the other hand, member states have committed to reduce gas consumption by 15% between April 2023 and the end of March 2024 compared to the average recorded in 2017-2022. Last year, they significantly exceeded this figure, thanks to mild weather and high tariffs, which encouraged households and businesses to save. The EU cut gas consumption by 18% between August 2022 and May 2023 compared to the previous five-year average.
The article was created with the support of the Rador agency
Source: Hot News
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