IEA: EU storage facilities will empty to 5% in February without Russian gas
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Underground storage facilities in the European Union (EU) by February 2023 may drop to 5% if Russian gas supplies are completely stopped from November 1, and the supply of liquefied natural gas (LNG) is reduced. With a high level of LNG supplies, storage facilities in the EU will empty up to 20%, follows from the quarterly report International Energy Agency (IEA).
According to him, a drop in gas reserves in storage to these levels will increase the risk of supply disruptions in the event of a belated cold weather. For storage to be more than 25% full, a 9% reduction in winter gas demand in the EU is needed compared to the average level over the past five years. To keep storage above 33%, gas demand needs to be reduced by 13%.
“Thus, measures to save gas will be critical to minimize withdrawals from storage and maintain reserves at an adequate level until the end of the heating season,” the IEA stated. The agency clarified that as of the end of September, European gas storage facilities were almost 90% full.
Last week gas prices in Europe again started grow. Experts consider, that the available stocks will only be enough to cover 21% of the annual consumption of Europe and the storage will be empty as early as February 2023. August 31 was stopped Nord Stream, which led to restrictions on supplies to some European customers of Gazprom. September 26 at Nord Stream and Nord Stream 2 pressure dropped sharply. Both the West and Russia consider sabotage to be the cause. In both pipelines It was about 800 million cubic meters m of gas, it’s all came out.
On the development of the situation – in the publication “Kommersant” “Accusations put on stream”.
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