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Energy crisis in Europe

Europe withdrawn over 55.5 bcm of gas from USG facilities since start of heating season

European UGS facilities are currently 47.89% full

MOSCOW, February 12. /TASS/. Gas reserves in Europe’s underground gas storage (UGS) facilities have fallen below 48%, while withdrawal rates in February are at the highest level for this month in the past four years, according to data provided by Gas Infrastructure Europe (GIE).

Meanwhile total gas volumes in UGS facilities are still at their fourth-highest level for early February since records started. Europe has withdrawn around 55.5 bln cubic meters (bcm) from UGS facilities since the beginning of the heating season, which is significantly higher than the volume of pumping by the autumn-winter period.

Gas withdrawal from UGS facilities in EU countries amounted to 675 mln cubic meters (mcm) on February 10, according to GIE. Pumping has decreased to 231 mcm. Gas volumes in UGS facilities total 53.2 bcm, which is the fourth-highest level for the beginning of February since records started.

European UGS facilities are currently 47.89% full (8.27 percentage points lower than the average as of this date in the past five years). The heating season in Europe started on October 29, 2024, with EU countries having withdrawn around 55.5 bcm of gas from UGS facilities since then.

The share of wind generation in the EU’s electricity output averaged 21% in January, and around 13% on first days of February. The gas purchase price averaged $489 per 1,000 cubic meters in Europe in December, about $518 in January, and $589 in February.

LNG supplies from terminals to Europe’s gas transport system have been at a record level this month. Facilities for regasification of liquefied gas and its further pumping into Europe’s pipelines are loaded by 50% of their capacity now.

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