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Two months early! Natural gas storage stocks in the EU have exceeded 90 percent

The Bulgarian gas storage in Chiren is 84.45 percent full as of August 20, according to the association's data

Aug 22, 2024 19:45 214

Two months early! Natural gas storage stocks in the EU have exceeded 90 percent  - 1

Europe has filled its natural gas storage to 90 percent, more than two months before the November 1 deadline, the European Commission reported, as quoted by France Presse. This is a sign that the EU is "ready for next winter", against the background of the recovery of prices in recent weeks, added the EC, quoted by BTA.

European storage facilities are already 90.29 percent full on average, or nearly 92 billion cubic meters, according to the latest aggregate data from the Association of European Gas Infrastructure Operators (Gas Infrastructure Europe - GIE).

The Bulgarian gas storage in Chiren is 84.45 percent full as of August 20, according to the association's data.

Following Moscow's invasion of Ukraine and drastic cuts to Russian supplies, the twenty-seven EU countries adopted a legislative framework in June 2022 requiring them to collectively achieve a 90 percent to 1 fill rate of their gas storages November every year in order to strengthen their energy autonomy and reduce dependence on Russian gas supplies.

Energy dependence (of EU countries) decreased significantly after February 2022 and the start of the Russian-led war in Ukraine, due to the increasing use of ship-borne liquefied natural gas, mainly from the US, as well as increased of Norway's role in the energy sphere.

The EU filled its storage facilities at a similar rate last year, when the 90 percent level was reached on August 18. "Gas storage is of key importance for Europe's energy security, allowing it to cover up to a third of gas demand in winter,", the Commission recalls.

"This shows that the EU is ready for the coming winter", stressed European Energy Commissioner Kadri Simson, assuring that the Commission "will continue to monitor the situation so that gas storage levels remain sufficient" high in the coming months".

In this way, Europe will be able to "continue to focus on improving energy efficiency and accelerating the deployment of renewable energy sources", assured Simson.

The European Commissioner stressed that the situation is "much more difficult in Ukraine, where the energy sector is subject to heavy and constant attacks from Russia".

"Europe must continue to support Ukraine and provide the necessary support for its energy system so that the Ukrainian population can also safely get through the difficult winter ahead," Kadri Simson concluded.