Bloomberg: EU to fill UGS facilities 80% ahead of schedule by two months

The European Union will fill its underground gas storage facilities (UGS) two months ahead of schedule, about this informs Bloomberg agency citing data from Gas Infrastructure Europe. According to these data, as of August 27, the storage facilities were 79.4% full, while according to the plan, the 80% mark was supposed to be overcome only on November 1.

This result was achieved thanks to the tightening of gas storage regulations, which were adopted after occupancy levels last winter were lower than in previous years – especially in German UGS facilities, which led to a sharp increase in gas prices.

As the agency notes, storing more gas will help European countries compensate for disruptions in Russian gas supplies and cope with the “harsh winter.” Previously “Gazprom” said that from August 31 to September 2, it will stop the operation of the last gas compressor turbine, which supplies energy through the Nord Stream pipeline to Germany, for a scheduled inspection. In the absence of technical malfunctions, deliveries will resume at the current volume of 33 million cubic meters. m per day.

Earlier, German Economy Minister Robert Habeck said that the country’s UGS facilities are being filled ahead of schedule, despite the limitation of supplies from Russia. According to his forecast, the October UGS occupancy target will be reached in early September, by which time the storage facilities will be 85% full. As of August 26, the fill rate was 82.2%.

After this statement, stock prices for gas in Europe fell by 19% and fell below $2,900 per thousand cubic meters. m after rising above $3,500 last week. Today, the price of the nearest, September, natural gas futures at the TTF hub in the Netherlands fell by 10%, to 245 euros per MWh, or about $2,572 per thousand cubic meters. m, taking into account the current exchange rate in the international market, testify ICE exchange data.

As of August 27, Portugal’s storage facilities are completely full, Poland’s is almost 100% full, Italy’s is 81%, Hungary’s is 62%, and Bulgaria’s is 60%. At the same time, Hungary has already announced its readiness to negotiate with Gazprom on additional gas supplies.

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