Since the second half of last year following the recovery from the shock of the corona virus, Europe has had a serious gas supply shortage, and it has been enlarged several times in size due to the Russian invasion of Ukraine in February this year.
Gas prices skyrocketed as Russia, which has more than a quarter of the world’s natural gas reserves, cut its supply to continental Europe in response to economic sanctions from the West. The price of gas futures traded on the European international exchange market jumped more than 10 times in the winter of last year and half a year ago.
Last week, it peaked at over 270 euros (360,000 won) per megawatt-hour (MWh), five times higher than the same period last year.
Fortunately, this high price fell 3% on the morning of the 30th (Tuesday). The decline may have been caused by the news that EU member states’ winter gas stockpiles have reached the intermediate target ‘at a speed unimaginable by media reports’.
As of the 28th (Sunday), European countries’ natural gas reserves for winter have reached 79.94% of their target. The 80% stockpiling target set to be reached by November 1 has already been achieved two months earlier.
Germany, the strongest economy, with the greatest dependence on Russian gas, also surpassed 80%, economic minister Robert Havek announced. It is confident that the October target of 85% stockpiling will be easily achieved in September.
Russia has drastically reduced its natural gas supply from 500 million m3 a day to the European continent to 20% to 30%, and Nordstream 1, the main supply pipe, will stop sending it for three days from tomorrow.
Despite Russia’s ‘weaponization’ of gas, Europe’s stockpiling goal is progressing smoothly thanks to the fact that the gas saved is driven into the stockpile by clearly reducing its use in the summer when heating is not required. Another source of import for Russia has been opened to each continent, and the establishment of a liquefied natural gas terminal that can be supplied by bulk carriers also helped.
Poland, which was supplied with gas from Russia through Belarus through Yamal pipe, and stopped supplying Russian gas due to refusal to pay in rubles and active support for Ukraine, achieved 100% stockpiling. Poland has been successful in developing gas in its own country even before that, sometimes sending gas to Russia through the Yamal pipe.
Natural gas is used for industrial production and electricity production in addition to winter heating in continental Europe, but accounts for less than 30% of the total energy source. In winter, the proportion increases with home heating.
Experts warn that even if the gas stockpile reaches 100% of the target, the energy crisis in Europe caused by Russia’s gas tyranny will not go away.
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