2024-08-30 09:30:44
Individuals are used to filling up their fuel tanks at the end of summer to benefit from attractive rates. But did you know that the EU also fills up its gas reserves before winter?
« EU reaches 90% gas storage target 10 weeks ahead of schedule »the European Commission announced in a press release on 21 August. The Commission will continue to monitor the situation, so that gas storage levels remain sufficiently high over the coming months, and so that we also maintain our focus on improving energy efficiency and boosting the deployment of renewable energy,” warned Kadri Simson, European Commissioner for Energy.
The gas storage regulations of June 2022 set a binding target of filling 90% of EU storage facilities by 1 November each year. This gas storage can cover up to a third of the EU’s gas demand in winter. Figures published by Gas Infrastructure Europe, the association of European gas infrastructure operators, show that gas storage levels reached 1,025 TWh, or 90.02% of storage capacity, on 19 August. This is comparable to last year, when member countries reached 90% filling by 18 August.
Most EU Member States have gas storage facilities on their territory. However, Germany, Italy, France, the Netherlands and Austria together hold two-thirds of the EU’s total capacity. Countries without storage facilities – Ireland, Finland, Lithuania, Greece, Cyprus – and those with limited capacity work together with other Member States to access their storage facilities.
Gas imports are diversifying
In 2021, 40% of EU gas imports came from Russia via pipeline. But the war in Ukraine and the EU’s response changed the situation. By the end of 2023, Russian gas accounted for only 8% of EU pipeline imports, shares the European CommissionIf we combine these pipeline imports with LNG, Russia then accounted for less than 15% of total EU gas imports.
The REPowerEU plan aims to completely free itself from Russian gas as of 2027. To achieve this, the plan focuses on three pillars: energy savings, the development of renewable energies, biomethane and hydrogen, as well as the diversification of gas supplies.
To replace Russian gas, Norway and the United States have become the EU’s main gas suppliers. In 2023, Norway supplied 30.3% of total gas imports, the United States 19.4%, North Africa 14.1%, the United Kingdom 5.7% and Qatar 5.3%.
On the LNG side, the EU is now banking on imports by ship from the United States. In 2023, imports from the United States will almost triple compared to 2021. According to a IEEFA report (Institute for Energy Economics and Financial Analysis) published in February 2024, the United States supplied 47% of the LNG imported into Europe in 2023, Qatar 12%, Russia 12% and Algeria 10% over the whole of 2023.
1725076158
#Gas #European #reserves #full #Russian #gas
