Europe's gas storage facilities are 83% full - EC

18:49 04 January Kyiv, Ukraine

A warm winter and precautionary measures allowed the European Union to stabilize gas prices and ensure that gas storage facilities are filled at 83%. This figure is even higher than those that were in the fall.

This was stated during a briefing in Brussels by the representative of the European Commission, Tim McPhee on Wednesday, January 4.
"According to the latest data, there are about 83% gas filling of their abilities. It's a pretty good position, especially at this time of year. We had a goal of reaching 80% occupancy last November. As you can see, this winter we have exceeded this figure.. Due to observed warm weather, demand has been lower than in previous years, so gas reserves remain high," he said.
According to him, this situation has a significant impact on the entire market, stabilizes and reduces prices.
“Filling up the storage facilities is one of the measures that allowed us to create a “safety cushion” for this winter. We also adopted a market correction mechanism, devoted a lot of time and energy to diversifying the energy supply. We have seen record levels of LNG supplies, and this has been one of the main resources to replace the Russian gas that we no longer import," McPhee said.
He noted that the EU is aware of the challenges it will face in preparing for next winter and has already taken the necessary legal decisions to overcome them.. In particular, a legal framework has been established for the joint purchase of gas, for the first time in history, with the participation of all interested EU countries.
“Now the situation is as follows: we have a “healthy” filling level of gas storage facilities at the beginning of this year, but challenges remain. Therefore, all we have to do is to implement the decisions made last year and push forward long-term reforms for the development of renewable sources and energy efficiency.. The corresponding proposals are already on the table of our legislators, so we expect their adoption as soon as possible," the representative of the European Commission added.
As previously reported, Europe has begun pumping natural gas into its underground storage amid warm weather and reduced demand due to the upcoming holidays.