Energy
August 22, 2024
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Europe Secures 90% of Natural Gas Reserves Ahead of Winter

The European Union has achieved 90% capacity in its natural gas reserves, two months ahead of the November 1 target. This preparedness comes as energy prices rise due to geopolitical tensions, ensuring that Europe is ready for the winter months.
Europe Secures 90% of Natural Gas Reserves Ahead of Winter
Martin Adams - Unsplash

The European Union has successfully filled 90% of its natural gas reserves, well ahead of the November 1 deadline, signalling that the bloc is prepared for the upcoming winter season. This achievement comes amid rising energy prices driven by geopolitical risks. According to the European Commission, this milestone demonstrates that the EU is "ready for next winter."

Data from Gas Infrastructure Europe (GIE), which represents European natural gas infrastructure managers, indicates that reserves now hold approximately 92 billion cubic meters, equating to an average fullness of 90.29%.

The Commission emphasised the importance of natural gas storage for Europe’s energy security, noting that these reserves can meet up to one-third of the region's winter demand. Energy Commissioner Kadri Simson assured that the European Commission will continue to monitor the situation to maintain sufficient storage levels in the coming months.

This achievement allows Europe to focus on improving energy efficiency and accelerating renewable energy development. However, the situation remains "much more difficult in Ukraine," where the energy sector is under continuous attack from Russia. The EU is committed to supporting Ukraine through the challenging winter ahead by providing necessary assistance for its energy system.

Following the Russian invasion of Ukraine in February 2022 and the subsequent reduction in Russian gas flows, EU leaders adopted a legislative framework in June 2022 mandating that member states collectively reach 90% of gas storage capacity by November 1 each year. This strategy aims to enhance energy autonomy and reduce dependence on Russian natural gas. Since then, Europe has significantly diversified its energy sources, relying more on liquefied natural gas (LNG) imports, primarily from the United States, and increasing pipeline gas supplies from Norway, while still receiving some gas from Russia via Ukraine.

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