MOSCOW, September 25. /TASS/. Europe has filled its underground gas storage (UGS) facilities to 82% in preparation for the coming winter, with more than 90 bln cubic meters currently in storage, according to data from Gas Infrastructure Europe (GIE).
On September 23, EU countries injected 134 mln cubic meters of gas into storage, while withdrawals increased to 52 mln cubic meters, GIE reported. The total volume of gas in UGS now stands at 90.3 bln cubic meters, only the seventh-highest September level ever recorded.
European storage facilities are currently 82% full, which is 6.52 percentage points below the five-year average for this date and down from 93.9% a year earlier. Under new European Commission requirements, EU member states must ensure gas storage is filled to 90% between October 1 and December 1 each year. A 10% flexibility margin is permitted in case of difficult filling conditions. However, this rule has provided additional momentum for rising gas prices on the European market.
According to TASS calculations, Europe needs a net injection of at least 61 bln cubic meters during the storage-filling season to meet the mandated level. This figure is nearly 50% higher than last year’s net injections and among the highest in history.
Earlier, Gazprom warned that Europe would face difficulties in replenishing storage for the winter. This past summer, European countries required more gas to rebuild reserves, while limited new supply capacity forced them to compete with Asia, where demand is rising, for liquefied natural gas (LNG). The Gas Exporting Countries Forum had predicted that the EU would encounter significant challenges in reaching 90% storage levels by winter and forecast that summer gas exchange prices would exceed those in winter, undermining the economic viability of injections.
Weather in Europe this week has turned cooler compared with the previous seven-day period. Wind generation accounted for an average of 14% of EU electricity output in August and around 19% in September. The average gas purchase price in Europe stood at around $394 per 1,000 cubic meters in August and around $393 in September.
LNG Imports
Since the start of the summer season in April, Europe has imported a record volume of liquefied natural gas, with deliveries already exceeding 67 bln cubic meters, according to TASS estimates.
The previous record for LNG imports in the April-September period was set in 2023. The highest-ever flows from European LNG terminals into the EU gas transmission system for April-October were recorded two years ago, at 76.3 bln cubic meters.
In June, Europe’s LNG imports reached a record high for that month (12.2 bln cubic meters), but then slowed before picking up again with the arrival of fall. At present, regasification capacity is operating at 49% of maximum.