Eurocommissar Virginijus Sinkevičius says that governments of countries without gas storage facilities, such as Lithuania, could oblige gas suppliers in storage facilities in other countries, or SGD terminals to store 15 percent of their annual gas demand.
“It simply came to our notice then. Securing the coming heating seasons, although it would seem that it has just ended and preparations may not be urgent, we are seeing a very uncertain situation when it comes to the energy market. In this case, this requirement is like a strategic reserve that would allow us to ensure that we have enough gas during the heating season, both to ensure the heating of homes and the smooth running of the business.
This year will be exceptional, this year there is an exception and the filling will be eighty percent, but from next season it will be necessary to fill up to ninety percent, ”says V. Sinkevičius.
V. Sinkevičius also told what all this should look like from a practical point of view.
“It simply came to our notice then. The Lithuanian government could apply to Latvia for a fifteen per cent reserve at the Inčukalnis storage facility, which Latvia should provide for Lithuania, as well as neighboring countries could apply to Lithuania for the LNG terminal to have fifteen per cent of liquefied gas reserved for neighboring countries. The ninety percent requirement will not be applied to the LNG terminals themselves, but a fifteen percent reserve will be applied to the neighbors, ”says V. Sinkevičius.
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He says the first day of November is the date that every factory will have to have that ninety percent filling.
“It must be filled by the first of November, which is the date when each plant will have to fill that ninety percent, the first of November. It is also intended to prevent us from having a situation similar to the one we had this winter, when there is a complete mismatch between demand and what is in storage.
The storage facilities are depleted, some are going through, say, some kind of work, renovations and this is a big challenge in terms of energy independence and we see that this Russia able to make the most of it. “It obviously has no effect on our plans to phase out Russia’s fossil fuels as soon as possible. It will be implemented in parallel, but we cannot give up gas so quickly, we must find ways to ensure adequate prices for consumers and clearly ensure security in our energy systems,” .
V. Sinkevičius told how this could change the price situation.
“It is very difficult to predict, because it is the market price and it will be difficult to say what the market price will be when the reserves are filled. Of course, this would allow for amortization at least during the heating season and let’s not say such sudden shocks, ”assures V. Sinkevičius.
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