Gas tanks in the European Union have risen above 80 percent, with an average fill level around 90 percent during autumn and winter due to concerns about Russian supply.
As of October 5, deposits averaged 90.12 percent, according to the European Gas Infrastructure (GIE) industry association, which updated the data on Friday. This compares with 75 percent a year earlier.
Community rules do not require member states to hold gas reserves like the mandatory 90 days of consumption for oil. There are 1,002 storage facilities across 18 community partners, totaling 160 sites with gaseous stockpiles and a capacity of terawatt hours (TWh).
Fully replenishing all reserves to 1,100 TWh would secure about three months of consumption, but this would not be enough to cover a complete gas shortage. Bruegel, a think tank, notes that the bloc imported about 1,800 TWh from Russia in 2019, the year before the pandemic.
Still, a portion of the gas arrives very little from Russia. Replacing it with liquefied natural gas (LNG) is forecast to rise by 60 billion cubic meters by year end, reaching more than 80 billion cubic meters in 2021, according to the International Energy Agency (IEA).
Additionally, the Twenty Seven have committed to saving about 15 percent on gas and 10 percent on electricity.
According to ENTSOG, the European Network of Gas Transmission System Operators, EU gas consumption during the 2020/2021 autumn and winter season was 3,319 TWh, compared with 3,216 TWh the previous year.
ENTSOG warned last July about the importance of replenishing tanks, not only to face the 2022/2023 cold season but also to ensure a minimum reserve for 2023/2024.
Calculations by the European Commission indicate that the EU should reach 40 percent deposit by the end of winter to avoid problems next year.
Concerns about a potential cut in gas supplies from Russia prompted the 27 member states to aim for at least 80 percent storage by November 1, with a goal of 90 percent by the same date through 2023.
Community partners have kept storage ahead of schedule, even as economic recovery and the Russian invasion of Ukraine push prices to record highs. LNG reserves remain a key factor, and energy costs stayed elevated in 2023 according to the IEA.
Prices have fluctuated, with the price of gas per megawatt hour showing substantial moves but well below the previous record of 349 euros, hovering around 169 euros, and well above the 16 euros per MWh seen in January 2021 when the TTF Dutch index spiked as states rushed to refill deposits.
As of today, four of the five largest gas storage capacities are well above 90 percent: Germany at 93.03 percent (228 TWh), France at 97.45 percent (129 TWh), Italy at 91.94 percent (177 TWh), and the Netherlands at 92.66 percent (128 TWh).
Austria, representing one of the smaller storage holders among the partners, sits at 82.26 percent (78 TWh).
In LNG counted reserves, Spain holds 90.92 percent (32 TWh) of its total, while Hungary remains below 80 percent (74%). Bulgaria stands at 77 percent and Latvia at 53 percent.
Nine community partners do not have gas storage facilities including Cyprus, Estonia, Finland, Greece, Ireland, Lithuania, Luxembourg, Malta and Slovenia, with legal obligations to ensure that a neighboring country stores at least 15 percent of its annual consumption.
Beyond supply issues, energy prices remain a top concern in the EU. Fifteen member states, including France, Italy, Spain, Poland and Belgium, have pushed for a maximum purchase price on all gas imports from Germany, the Netherlands or all gas imports, a plan not adopted by the Commission.
Energy price discussions are on the agenda for the informal EU summit in Prague, where leaders will address the ongoing price crisis and its impact on households and industry.