BAKU, Azerbaijan, April 12. On 31 March, when the winter heating season ended, Europe’s gas storages were over 58 percent full, said the EU Commissioner for Energy Kadri Simson, Trend reports via the EU Commission.
She pointed out that this is the highest level on record at this time of year.
“These high storage levels are a result of our successful diversification of energy supplies, the efforts of citizens and businesses to reduce gas demand, and our investments in renewable energy – the three pillars of our REPowerEU Plan. The high level of gas storage in Europe means that markets are increasingly stable, prices are back around pre-war levels, and Europe can start refilling with confidence for next winter's heating season,” noted the commissioner.
Europeans have significantly reduced their gas demand by almost 20 percent over the past 18 months, resulting in savings of more than 107 billion cubic meters (bcm) of gas. The growing presence of renewables in the energy mix has enabled the substitution of 24 bcm of Russian gas in 2022 and 2023. Impressively, emissions from the power sector experienced a remarkable 24 percent decline in 2023, even as our economy continued to expand.
In response to these trends, the Commission has proposed various measures, including a target for Member States to fill gas storages to 90 percent capacity by November 1st each year. As of April 1st, EU gas storages were more than 58 percent full, marking the highest storage level on record as illustrated in the figure below. Additionally, European operators have stored an additional 2 billion cubic meters (bcm) of gas in Ukrainian storage facilities, enhancing security for Europe and supporting our partners.
With gas storage levels at this robust level, the EU is well-positioned to achieve the 90 percent target by November 1st, 2024, ensuring preparedness for the winter of 2024/2025 and alleviating pressure on gas prices during the storage filling season.
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