European countries switched to pumping gas into storage
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Against the backdrop of warm weather and reduced demand during the holidays, European countries switched from net gas withdrawal to net injection into underground gas storages (UGS). This may last until the end of the holidays, that is, until January 4th. This is reported TASS with reference to the data of the European Association of Gas Infrastructure Operators (Gas Infrastructure Europe).
By the end of last week, it follows from the data, the injection of gas into UGS facilities exceeded the withdrawal from them twice. On December 23, the EU countries selected 160 million cubic meters. m, while the injection amounted to 158 million. On December 24, the withdrawal amounted to 91 million, and the injection increased to 206 million cubic meters. m.
Since the beginning of the heating season on November 14, the EU countries have withdrawn 15.21 billion cubic meters. m from gas storages. According to Gas Infrastructure Europe, UGS facilities in European countries are 82.98% full.
At the end of 2021, Russia was the largest gas supplier to Europe (45% of all supplies). In connection with the start of a special operation in Ukraine, the EU refused Russian supplies. Gas is delivered to Europe by Norway (from the beginning of 2022, exports increased by 8%), Azerbaijan (exports increased by 50%). The main source of Russian gas replacement is LNG import. Since the beginning of December, European terminals have been operating at a capacity of 67%.
22 December Council of Europe approved gas price ceiling at €180 per MWh. The mechanism was adopted to protect citizens and the economy from high prices. It will take effect on February 15, 2023, subject to a number of conditions.
Read more about the gas price ceiling in the publication “Kommersant” “Thier gas, lower ceiling”.
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