Under new European Commission regulations, EU countries are required to fill their storage facilities to 90% between October 1 and December 1 each year

MOSCOW, September 15. /TASS/. Europe has filled its underground gas storage (UGS) facilities to 80% ahead of the fall-winter period, according to calculations by TASS based on Gas Infrastructure Europe (GIE) data. At the same time, net gas injections (the difference between injection and withdrawal volumes) into Europe's UGS facilities since the start of the summer season amount to only about 51.5 bln cubic meters, out of the 61 bln cubic meters needed to reach 90% capacity for the upcoming winter.

Gas injections into EU storage facilities on September 13, according to GIE data, totaled 295 mln cubic meters, while withdrawals increased to 33 mln cubic meters. The total gas volume in UGS represents only the seventh-highest level for July in the entire observation period, at 88.4 bln cubic meters.

Currently, Europe's UGSFs are filled to 80.34%, which is 6.76 percentage points below the five-year average for this date, compared with 93.3% a year ago. Under new European Commission regulations, EU countries are required to fill their storage facilities to 90% between October 1 and December 1 each year. A 10% flexibility margin is allowed in cases of difficult storage conditions. However, this requirement is also expected to provide additional upward pressure on gas prices in the European market. According to TASS calculations, net gas injections during the storage-filling season must reach at least 61 bln cubic meters for Europe to meet the 90% target. This is nearly 50% higher than net injections in the previous year and ranks among the highest levels in history.

Earlier, Gazprom had forecasted difficulties for Europe in filling storage ahead of winter. During the past summer, the region required more gas to replenish reserves, and with limited new capacity entering the market, competition for liquefied natural gas (LNG) with Asia, where fuel demand is rising, has intensified. The Gas Exporting Countries Forum anticipated that the EU would face significant challenges in filling UGSFs to 90% by winter and projected that summer exchange gas prices would be higher than winter levels, undermining the economic rationale for gas injections.

Weather in Europe this week is expected to be slightly warmer than in the previous seven-day period. Wind generation accounted for an average of 14% of EU electricity production in August and around 17% in September. The average gas price in Europe was around $394 per 1,000 cubic meters in August and about $393 in September.

During the past heating season, Europe imported nearly 63 bln cubic meters of LNG, marking the third-highest level for this period. Only in two previous winter seasons did regasified LNG volumes from terminals into the EU gas transmission system exceed this figure.

LNG imports in June reached a record for that month at 12.2 bln cubic meters but then lost momentum, which began to pick up again with the arrival of autumn. Currently, regasification capacities are operating at 45% of their maximum.

Europe's gas storage volume exceeds 80% ahead of winter