EU gas storage levels surpass 90% target ahead of winter

EU Gas storage levels have hit their target of achieving 90.12% capacity, equating to 93 billion cubic meters of natural gas being stored, according to Gas Infrastructure Europe.

The deadline to achieve 90% was set for the 1st November 2023 so the target has been hit way ahead of schedule.

EU Commissioner for Energy Kadri Simson affirmed the EU’s winter readiness and also back this up with news on increasing investment in renewables and energy efficiency to help draw the EU away from reliance on gas.

In the short term however, the news that the EU has achieved 90% capacity over 2 months ahead of schedule is great news and a far cry away from where we were this time last year.

In response to the energy price crisis caused in the main when Russia invaded Ukraine and cut off supply to Europe, the EU has implemented several strategic measures.

These include demand reduction that led to a massive 18% drop in gas consumption between August 2022 and May 2023. These regulations have been extended for another year.

The market still remains sensitive to other external supply and demand influences as reported in the latest price trends update but there is no doubt that the current EU gas storage level really helps the situation.

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