BAKU, Azerbaijan, April 12. On 31 March, as the winter heating season came to a close, Europe’s gas storages were reported to be over 58 percent full by EU Commissioner for Energy Kadri Simson, according to Trend via the EU Commission.
The commissioner noted that this level is the highest on record for this time of year.
“These high storage levels are a result of our successful diversification of energy supplies, efforts to reduce gas demand by citizens and businesses, and investments in renewable energy – the three pillars of our REPowerEU Plan. The high gas storage level in Europe indicates increasing market stability, prices returning to pre-war levels, and Europe being able to confidently refill for the upcoming winter heating season,” stated the commissioner.
European gas demand has decreased by nearly 20 percent over the past 18 months, leading to savings of over 107 billion cubic meters (bcm) of gas. The rise of renewables in the energy mix has allowed for the substitution of 24 bcm of Russian gas in 2022 and 2023. Furthermore, emissions from the power sector saw a significant 24 percent decline in 2023, despite economic growth.
In light of these developments, the Commission has put forth several measures, including a target for Member States to fill gas storages to 90 percent capacity by November 1st each year. As of April 1st, EU gas storages were over 58 percent full, marking a record high storage level as depicted in the figure below. Additionally, European operators have stored an extra 2 billion cubic meters (bcm) of gas in Ukrainian storage facilities, enhancing security for Europe and supporting partners.
With gas storage levels at this strong level, the EU is on track to meet the 90 percent target by November 1st, 2024, ensuring readiness for the winter of 2024/2025 and easing pressure on gas prices during the storage filling season.
Follow the author on X: @Lyaman_Zeyn
