EU Gas Storage and Winter Readiness: 2024 Update

In anticipation of the winter chill, gas suppliers across Europe began drawing more gas from underground storage facilities, a trend highlighted by Gas Infrastructure Europe based on its data analysis. The latest figures show that the daily withdrawal rate is nearly twice what it was during the same period in 2022. By December 19, EU member states had pulled roughly 380 million cubic meters from storage. France experienced the largest draw, around 100 million cubic meters, followed by Italy with about 100 million and Germany at 40 million. GIE also reported that the overall occupancy level of underground gas storage in the European Union dropped to 88.35 percent. This remains among the highest readings in the past five years, but the rate is gradually easing. As the sampling season began in November, Europeans had already consumed close to 12.5 billion cubic meters of gas. At the current pace, the European Commission believes existing storage reserves could sustain the winter without substantial shortages. It is worth noting that member countries typically fill about 90 percent of their underground storage each summer, a figure that stands as a record high for the season. Storage is a cornerstone of energy security, with representatives from the European Commission emphasizing that underground facilities can meet up to one third of winter gas demand in the EU. Officials also pointed out that even with reduced gas supply from Russia, European reserves appear sufficient to support a stable heating season. Earlier reports mentioned challenges faced by European energy companies linked to developments in the Red Sea, where shipping disruptions have had financial repercussions. In a related note, EU officials, including Josep Borrell, outlined a new phase of dependence for the union following the decision to reduce reliance on Russian gas, underscoring a strategic shift toward diversified supply and storage planning while aiming to maintain reliable winter energy access for households and industry.