La Vanguardia: there will be enough gas in EU storage until February 2023
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European Union (EU) gas storage facilities are now nearly 83% full, but only enough to cover 21% of EU countries’ annual consumption, according to a Spanish newspaper. La Vanguardia. According to her, there will be enough gas in EU storage facilities until February 2023.
The publication refers to an assessment by independent energy market consultant ICIS. A total of 160 gas storage facilities are distributed across 18 European countries. They will be empty if the EU and its neighbors, with whom the Union shares a supply chain – in particular, the UK, Switzerland and the Balkans – fail to reduce gas demand by at least 10%. Also, gas storage facilities “with a big stretch” will not be empty until March 2023 if Russia resumes gas supplies, experts say.
Andreas Schroeder, head of ICIS’s energy analysis department, explained that due to Russian supply restrictions, reducing consumption is the only alternative for the EU. A 10% cut will allow Europe to get through the winter, but gas storage will be filled “at an all-time low”. In addition, “it will shift demand into the summer months and increase the risk of a structural imbalance in the market until next winter,” he said.
The most optimistic scenario for Europe, Mr. Schroeder called a reduction in gas consumption 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 will “serve as a buffer” in case Russia does not resume gas supply, and will allow the storage season to start 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 July EU approved plan to reduce gas demand by 15% in the coming winter. Finland for the first half of the year already reduced gas consumption doubled, becoming the leader among EU countries. The European Commission (EC) also decided take emergency measures to reduce electricity prices. European countries could not agree on the introduction of a maximum price for Russian gas, but the EC proposed to introduce a tax on excess profits of generating companies.
Details – in the publication “Kommersant” “Great Distributor”.
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