MOSCOW, September 9. /TASS/. Gas stocks in European underground storage (UGS) facilities have exceeded 67%, which remains the lowest level for this time of year since records began in 2011, according to TASS calculations based on data from Gas Infrastructure Europe (GIE).
Average gas injection rates into EU storage facilities in early September are among the highest in recent years. At the same time, gas prices at European hubs are approaching late-2022 highs, reflecting the European Union's frantic drive to fill its storage ahead of winter, even at steep prices. However, Europe has already missed the summer months, which are the most favorable for injection.
As of September 7, European storage facilities were 67.12% full (16.41 percentage points below the five-year average for this date), compared to 79.5% a year earlier. This is the lowest level for this date since monitoring began in 2011. EU storage facilities hold approximately 73.5 billion cubic meters of gas -- 14 billion cubic meters less than last year's level and the lowest volume since 2013. Gazprom previously forecast that gas stocks in European storage might not even reach 75% by the start of the upcoming heating season.
TASS previously reported that Europe risks starting the heating season with record-low gas stocks. Average replenishment rates in EU storage facilities in July were among the lowest since records began in 2011, accelerating only slightly in August. Given these figures, Europe may fill its storage facilities to just 70-75% capacity by the traditional start of the autumn-winter period -- an all-time low for the beginning of the heating season.
Under European Commission regulations, EU member states must ensure their gas storage facilities are 90% full between October 1 and December 1 each year. A 10% flexibility margin is permitted if filling underground storage (UGS) facilities proves challenging. Consequently, net injection into European storage must total at least 68 billion cubic meters by the start of the 2026-2027 autumn-winter season to meet the target. Since the beginning of April, Europe has managed to inject only 63% of the volume required for the upcoming winter, amounting to 43 billion cubic meters.
Storage replenishment rates this year have been heavily capped by a lost "battle" with Asia for available liquefied natural gas (LNG) supplies during the Middle East conflict, higher fuel prices, and extreme heat in June and July. Such summer periods trigger a sharp surge in power demand for cooling systems and air conditioning. Gas remains a primary source of electricity generation, alongside nuclear, wind, and solar energy.