European Gas Reserves Exceed 99% Capacity Ahead of Winter Heating Season

Europe's underground gas storage facilities are poised for the upcoming heating season with more than 99% of their capacity filled, marking a significant milestone in the region's efforts to reduce energy dependence on Russia. As the traditional heating season is set to begin, European countries have met their obligations under a 2022 regulation to ensure gas storage facilities are at least 90% full by November 1.

Data provided by the Brussels-based organization "Gas Infrastructure Europe" confirms that all member states have fulfilled this requirement, further reducing the region's reliance on Russian natural gas. While some nations have surpassed the minimum storage levels, others remain close to the European target.

Bulgaria's gas storage facility, "Chiren," reached 97.66% capacity as of October 29, exceeding the mandatory 90% level in August. Latvia's storage facilities are currently 95.7% full, while Romania and Portugal report levels of over 105% and almost 106%, respectively.

Germany, once the largest consumer of Russian natural gas in Europe, has successfully filled 99.43% of its gas storage capacity, underlining the significant progress made to diversify energy sources.

Russian state company Gazprom, which has been a major supplier of natural gas to Europe, experienced a 2.4% decline in gas exports to the continent in October compared to September. These calculations are based on volumes shipped through Ukraine and Turkey, highlighting the ongoing shift away from Russian gas.

If this trend continues until the end of the year, Gazprom's exports to Europe in 2023 are expected to be roughly half the levels of the previous year. The volume of gas imported via pipelines is estimated to be between 28-29 billion cubic meters,...

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