Economy

Europe cut average gas injection rates into storage facilities by country by nearly a third in September

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The average rate of gas injection into storage facilities by a country in the European Union in September fell by 30%, to 0.25 p.p. per day. This is according to data from the Association of European Gas Infrastructure Operators.

At present there are about 95 billion cubic meters of gas in European storage facilities, the EU was able to fill its UGS facilities in spite of, rather than because of the current pricing environment.

According to him, the task of filling the storages when supplies from Russia were reduced was not easy for Europe. However, it has been accomplished by increasing LNG supplies. Initially, the LNG volumes were destined for Asian markets but were out bidden by European countries due to a more favorable price premium.

He added that the total underground storage capacity of the European region is 110 billion cubic meters. However, Europe uses about 250 billion cubic meters of gas during autumn and winter. That is, current reserves cover only 40 percent of the demand.

At the end of September, according to Gas Infrastructure Europe, it was reported that Austria, Hungary and Bulgaria, which lag behind the EU in gas storage, have started to increase their natural gas storage capacity.

Earlier we reported that the EU plans to agree to new sanctions against Russia before the summit.

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