European Union meet gas storage capacity target

Originally published at Europe in Review on September, 2023

The European Union (EU) has already met its winter gas storage capacity target as it prepares for its second winter largely without Russian supplies, the EU Commissioner for Energy, Kadri Simson, said on August 18. [EC]

This was two and half months ahead of the official goal of November 1 and reflects strong LNG imports from the US and Middle East, according to natural gas import tracking data from European think tank Bruegel. The figures published show that gas storage levels have reached 90.12 percent of storage capacity, equivalent to just over 93 billion cubic metres (bcm) of natural gas. [EC] [Bruegel]

The gas storage regulation of June 2022 set a binding EU target of 90 percent filling storage facilities by 1 November each year, with interim targets for EU countries. Gas storage is key for security of supply in Europe as it can cover up to one-third of the EU’s gas demand in winter. [EC]

“The EU energy market is in a much more stable position than it was this time last year, in good part because of the measures we have taken at EU level,” Simson said. “But we have seen in recent weeks that the gas market remains sensitive. The Commission will continue to monitor the situation, so that storage levels remain sufficiently high as we enter the next winter.”

The EU has taken a wide range of measures following the energy crisis triggered by Russia’s invasion of Ukraine to be better prepared for the winter. The gas demand reduction regulation (August 2022) stimulated a 18 percent drop in gas consumption from August 2022 to May 2023, and has now been extended for a further year.

The Commission has spearheaded a concerted international outreach for alternative gas supplies – notably in the form of Liquefied Natural Gas (LNG).

(rw/gc)