Europe has paid off 90% of its natural gas reserves two months ahead of the November 1 deadline, the European Commission said, in a sign that the Union is “ready for next winter. ” Rising prices have been recorded in recent weeks due to geopolitical risks.
Reserve fullness stands at 90.29% on average, close to 92 billion cubic meters, according to the latest figures published Tuesday by Gas Infrastructure Europe (GIE), which includes European gas infrastructure operators.
Following Russia’s invasion of Ukraine and a drastic reduction in Russian flows, the 27 adopted a legislative framework in June 2022 that requires them to collectively reach 90% of European reserves’ fullness by November 1 each year to boost energy autonomy and limit dependence on Russian gas.
This dependency has been significantly reduced since February 2022 and the start of the Russian invasion of Ukraine also due to the shift to LNG transported by ship, mainly from the United States, and Norway’s strengthening of its gas supply via pipelines, even if Russia continues to supply Europe with gas via Ukraine.
“Gas storage is crucial for Europe’s energy security by allowing up to a third of demand to be met during winter,” the Commission recalls.
“This means that the European Union is ready for the coming winter,” said European Energy Commissioner Countrywoman Simpson, giving the assurance that the European Commission will continue to monitor the situation to ensure that gas storage levels remain sufficiently high in the coming months.”
This will allow Europe to “continue to focus on improving energy efficiency and accelerating the development of renewable energy sources,” she said. The European commissioner stressed that the situation is “much more difficult in Ukraine, where the energy sector is under heavy and constant attacks from Russia.”
“Europe must continue to support Ukraine and provide the necessary assistance to its energy system so that the Ukrainian population can also safely get through the difficult winter that is expected.”
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