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10 Nov 2022, 09:04

Engie says it coped with disruptions to Russian gas flows with no implication on supply

France’s gas storage levels are now nearly 100% full

MOSCOW, November 10. /TASS/. France’s energy concern Engie has managed through disruptions to Russian gas flows with no implication on physical supply, the company reported on Thursday.

"Engie has managed through significant disruptions to Russian gas flows with no implication on physical supply. For the winter of 2022-23, through a combination of intrinsic length in the portfolio; optimizing the flexibility on current long-term gas contracts; additional gas through new contracts; and LNG, Engie has mitigated the exposure to volumes previously procured from Gazprom," the report said.

The company also continues to be confident that additional volumes contracted through new supply sources including LNG, together with an expected decrease in demand, will contribute to replacing the need for Russian volumes, and enable it to reach its required storage levels during the winter of 2023-24.

France’s gas storage levels are now nearly 100% full, Engie added.

Gazprom Export, the export arm of the Russian gas holding Gazprom, said in late August that it failed to receive in full payments from Engie for gas supplied in July within the time stipulated and agreed on, due to which it notified the French company on complete suspension of deliveries starting September 1 and until the funds for supplied gas were received in full.