Gas reserves in Europe are 90% full, ahead of schedule

The European Union’s gas reserves are 90% full two and a half months before the deadline, the European Commission announced on Friday August 18. Following Moscow’s invasion of Ukraine and the drastic reduction in Russian supplies, the Twenty-Seven adopted in June 2022 a legislative framework obliging them to collectively achieve a filling rate of their gas storages of 90 % on November 1 of each year, to prevent contingencies.

Russia accounted for 15% of EU gas imports in the first quarter of 2023 – a share halved in one year. At the same time, Europeans increased their purchases of American liquefied natural gas (LNG).

Stocking levels vary by country, from 77% in Latvia to over 99% in Spain, with France at 84%. According to the Commission, a rate of 90% can cover up to a third of EU gas demand in winter. “The EU is well prepared for winter, this will help further stabilize markets in the months ahead,” said EU Energy Commissioner Kadri Simson.

“We have to be on our toes”

The gas market, however, remains vulnerable to sudden outbreaks of fever: prices had soared in early August, after threats of strikes in Australia at major gas installations and against a backdrop of robust Asian demand.

“The Commission will continue to monitor the situation to ensure that storage levels remain sufficiently high as winter approaches,” Ms Simson said. “The game is not over, we must remain on our guard and prepare for headwinds”, such as a harsher winter than expected or turbulence on the gas markets, had warned in July the Czech Minister of industry and energy, Jozef Sikela.

In addition, the Member States have undertaken to reduce their gas consumption by 15% over the period from April 2023 to the end of March 2024 compared to the average recorded over the years 2017-2022. They had largely exceeded this target last year thanks to good weather and high prices which pushed households and businesses to save money. The EU has reduced its gas consumption by 18% between August 2022 and May 2023 compared to the average of the previous five years.