How EU gas markets prepared for coronavirus?
BAKU, Azerbaijan, March 13
By Leman Zeynalova - Trend:
Today EU gas markets are able to deal with any disruptions, including economic and health crises, thanks to reverse flows, increased liquidity, and better cooperation on security of supply among member states, Eurogas told Trend in response to a question about possible impact of coronavirus on EU gas markets.
Eurogas is an association representing the European gas wholesale, retail and distribution sectors towards the EU institutions. Founded in 1990, Eurogas currently comprises 48 companies and associations from 22 countries.
“There are strong storage capabilities and LNG terminals. We therefore have a liquid and fluid gas market which provides the resilience of the system and ensures business continuity,” said the association.
Gas storage levels in the EU stood at 73 percent at the end of June 2019, which was the highest in the last eight years in this period of the year. Low spot prices on wholesale gas markets, abundant LNG imports and expectations on higher prices in the future helped in reaching high filling rates by the end of Q2 2019.
Eurogas said that this situation underlines the strategic role of gas infrastructure, which can improve the gas system performance even further, namely by carrying renewable and decarbonised gases produced in Europe in the future.
“It will help achieve the carbon neutrality targets of 2050 while securing supplies for the EU citizens,” said the association.
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