MOSCOW, September 26. /TASS/. Europe has nearly stopped injecting gas into its underground storage (UGS) facilities ahead of the upcoming winter, amid the recent cold snap in the region, according to data from Gas Infrastructure Europe (GIE).
On September 24, gas injection into EU UGS amounted to 116 mln cubic meters, while withdrawals increased to 55 mln cubic meters, GIE data show. The total volume of gas in storage represents only the seventh-highest September level on record at 90.4 bln cubic meters.
Currently, Europe’s UGS are just over 82% full, 6.68 percentage points below the five-year average for this date, and down from 93.9% a year ago. Under new European Commission requirements, EU countries must ensure that their storage facilities are filled to 90% capacity between October 1 and December 1 each year, with a 10% flexibility allowance under challenging filling conditions. This requirement also provides an additional upward pressure on gas prices in the European market.
TASS calculations indicate that net gas injections into Europe during the storage refill season must reach at least 61 bln cubic meters to meet the required filling levels. This is nearly 50% higher than net injections a year earlier and represents one of the highest levels in history.
Gazprom had previously warned Europe of potential difficulties in filling storage ahead of winter. During the past summer, the region required more gas to replenish stocks, and with limited new capacity entering the market, it faced competition with Asia for liquefied natural gas (LNG), where demand is rising. The Gas Exporting Countries Forum anticipated that the EU would encounter significant challenges in filling its UGS to 90% by winter and predicted that summer exchange gas prices would exceed winter levels, undermining the economic feasibility of gas injections.
Weather in Europe this week is cooler than the previous seven days. Wind power accounted for an average of 14% of electricity generation in the EU in August and around 19% in September. The average gas purchase price in Europe was approximately $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 set a record for LNG imports, with deliveries to the region approaching 68 bln cubic meters, TASS calculations show.
The previous record for LNG imports during April-September was set in 2023. Maximum flows of LNG from European terminals into the EU gas network for April-October were also recorded two years ago at 76.3 bln cubic meters.
Europe’s LNG imports in June reached a record for the month at 12.2 bln cubic meters, but the record pace subsequently slowed, only to rise again with the onset of autumn. Regasification capacities are currently utilized at around 50% of their maximum.