For the first time in 10 years: gas stocks in EU storage facilities reach a record level

By early April, the block’s storage was 55.7% full, the highest level since at least 2011.

EU gas storage facilities are more than half full / REUTERS photo

After a mild winter, the EU holds record volumes of gas in more than 10 years in gas storage facilities, raising hopes that the bloc can minimize imports from Russia.

It is reported by the Financial Times.

By early April, the block’s storage facilities were at 55.7% full, the highest level since at least 2011, according to industry organization Gas Infrastructure Europe.

This level is also about 20 percentage points higher than the average of the previous five years, and in the last two weeks it has increased even more to 56.5%.

“The EU’s gas storage facilities are more than half full, which means that we have finished this heating season in a comfortable position,” said EU Energy Commissioner Kadri Simson, stressing that the bloc now has more room to reduce imports of Russian liquefied natural gas.

In her opinion, increasing the share of renewable energy and diversifying sources will allow some Member States to completely abandon Russian liquefied gas.

War in Ukraine and the gas situation

In December 2022, the energy ministers of the European Union countries agreed to set a ceiling price for gas.

As of December 2022, Europe has been able to reduce its dependence on Russian gas.

Read also:

Russia has threatened to cut off gas supplies to the EU if a “price cap” is introduced.

On January 6, 2023, German Vice Chancellor Robert Habeck said that Putin lost in his gas blackmail of Europe. Berlin was able to replace the cut off Russian supplies of gas, oil and coal through other channels.

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