The EU met its goal of filling natural gas storage facilities to 90% of capacity almost three months ahead of the November 1 deadline, according to the latest figures published by Gas Infrastructure Europe, the Commission reports.
This year’s results are in line with last year’s when EU countries reached the 90% target on 18 August. Aiming to optimize the EU’s preparation for the winter heating season, the Gas Storage Regulation (EU/2022/1032) of June 2022 set a binding EU target of 90% storage capacity by 1 November each year, with targets for EU countries.
Natural gas storage is key to the security of energy supply in Europe, as it can cover up to a third of the EU’s gas demand in winter, the European Commission points out. Data released today show gas storage levels reached 1025 terawatt hours (TWh) or 90.02% of storage capacity (equivalent to just under 92 billion cubic meters (bcm) of natural gas) on 19 August.
The gas storage regulation was one of the measures taken by the EU after the energy crisis caused by Russia’s invasion of Ukraine, to better prepare Europe’s energy system for the winter season. This also included emergency rules to reduce gas demand. Under the REPowerEU plan, the EU also took further steps to reduce the EU’s dependence on Russian fossil fuel imports. In addition to seeking to accelerate the development of renewable energy sources and energy efficiency/energy saving measures, this includes securing alternative energy sources.
The announcement brought a price escalation in the TTF index, with prices rising just below 38 euros per megawatt hour.
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