LONDON, June 29. /TASS/. Europe risks entering the upcoming heating season with the lowest gas storage levels in at least 15 years, threatening sharp price increases for businesses and households this winter, the Financial Times (FT) reported, citing a forecast from consulting firm Wood Mackenzie.

According to its estimates, by the end of the injection season, which typically runs from April to October, European underground gas storage (UGS) facilities will be only 76% full. According to Gas Infrastructure Europe (GIE), this could be the lowest level of gas reserves since at least 2011. The current shortage is driven by the fallout from the conflict between the US and Iran, which halted liquefied natural gas (LNG) supplies through the Strait of Hormuz and reduced production in Qatar and the UAE, the FT reports.

An additional negative factor is the European Union's plans to impose a complete ban on Russian LNG, which currently accounts for approximately 14% of all European LNG imports, effective January 1, 2027, the publication notes. Following a particularly cold winter, EU storage facilities began the replenishment season at just 28% full, below the usual level for this time of year. According to GIE, they are currently at an average of 48% capacity.

On January 26, the EU Council finally approved a complete ban on Russian LNG supplies to the EU effective January 1, 2027, and on pipeline gas supplies effective September 30, 2027. At the same time, the ban on LNG imports under short-term contracts came into effect on April 25, 2026, and short-term contracts for the supply of pipeline gas were to be completed by June 17.