The European Union (EU) has surpassed its gas storage target, achieving a 90.12% capacity well ahead of the scheduled deadline of 1st November.
That’s according to Gas Infrastructure Europe, which stresses that this level equates to more than 93 billion cubic metres of natural gas.
Gas storage plays a pivotal role in ensuring energy security, covering approximately one-third of the EU’s gas demand during colder periods.
EU Commissioner for Energy, Kadri Simson, affirmed the region’s winter readiness and underscored the potential for enhancing the energy landscape through investments in renewables and energy efficiency.
Ms Simson remarked, “The EU energy market is in a much more stable position than it was this time last year, in good part because of the measures we have taken at the EU level.”
In response to the energy crisis stemming from Russia’s activities, the EU has implemented several strategic measures.
These include demand reduction regulations that led to an 18% drop in gas consumption between August 2022 and May 2023, along with the extension of these regulations for another year.
We have reached 90%!
The 🇪🇺 energy market is in a much more stable position than it was this time in 2022. But we have seen in recent weeks that the market remains sensitive. We will continue to monitor the situation, so that storage remains sufficiently high as we enter winter. https://t.co/JPMktJZ8x6
— Kadri Simson (@KadriSimson) August 18, 2023