La Vanguardia: European gas storage will only last until February

La Vanguardia: European gas storage will only last until February



The level of occupancy of underground gas storage facilities (UGS) of the European Union is now almost 83%, but this is only enough to cover 21% of the annual consumption of EU countries, about this reported Spanish newspaper La Vanguardia, citing an assessment by independent energy market consultant ICIS.

According to the newspaper, there will be enough gas in EU storage until February 2023 if the EU and those countries with which the bloc has a common supply network (including the UK) fail to reduce gas consumption by at least 10% . At the same time, the resumption of gas supplies from Russia would allow Europe to hold out until March, albeit with record low levels of gas storage occupancy, experts say.

According to Andreas Schroeder, head of the ICIS energy analysis department, even with a 10% reduction in gas consumption, there is still a risk of structural imbalance in the market until next winter, so the most optimistic scenario for Europe is a reduction to 15%.

In this case, at the end of winter, the storage facilities will be filled to about 45% of their capacity, which is “slightly higher than in recent years.” This level of UGS occupancy will “serve as a buffer” if Russia does not resume gas supplies. In addition, this will allow the storage season to start for next winter without increased demand. “This scenario will not prevent a recession as prices continue to rise, but it will minimize the impact of the energy crisis,” the ICIS expert believes.

In early September "Gazprom» informed on the suspension of Russian gas supplies via the Nord Stream pipeline due to a leak discovered during preventive maintenance at the only operating turbine at the Portovaya compressor station. Prior to this, the volume of daily supplies of Russian gas did not exceed 33 million cubic meters. m, or 20% of the installed capacity of the pipeline.

Shortly before that, in the European Union reported about early filling of gas storage facilities by 80%. In particular, Germany managed achieve the target of 85% ahead of schedule by two months.

In July the EU agreed plan to reduce gas demand by 15% next winter. In some countries, including Spain and Portugal, this plan was accepted with exceptions - they were allowed to reduce their gas consumption by 7%. At the same time, the head of the Federal Network Agency (German regulator) Klaus Müller urged German residents to reduce gas consumption by 20%.

For this purpose, in many German cities turned off illumination of public buildings and fountains, hot water in shower cabins of sports halls and pools. In particular, the Berlin authorities, in order to save electricity, from the end of July refused to illuminate 100 public buildings and facilities after midnight, including the Brandenburg Gate and the Red Town Hall (the building of the Berlin Senate).

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