Europe is well-prepared for the upcoming winter season, having filled 90% of its gas storage facilities and matching last year’s storage levels, said Cristian Signoretto, president of Eurogas.
Signoretto told Anadolu that Türkiye is an important energy partner for Europe, connecting Europe with gas exports coming from further east.
Eurogas President said, the European Union (EU) has successfully met its gas storage target, with reserves now at 90% capacity ahead of winter. This accomplishment is critical as stored gas can meet up to one-third of Europe’s demand during the colder months, thereby stabilizing prices and ensuring a steady energy supply.
He said that the European Commission’s focus on energy independence has driven the shift away from Russian gas. As recently as 2021, Russian gas imports comprised a substantial portion of Europe’s energy mix, with 41 billion cubic meters (bcm) imported in Q1 alone. Fast forward to 2024, and Russian imports plummeted to just 14 bcm in Q1 and 13 bcm in Q2, reflecting the EU’s commitment to phasing out Russian gas by 2027.
‘However, as always, we should remain vigilant and recognise that there are many different circumstances—including unpredictable weather patterns, geopolitical developments, and infrastructure constraints – that could threaten to undermine security of supply and/or trigger stronger global competition on LNG, in particular with Asia, impacting price levels,’ he said.
‘The end of the Ukraine transit agreement by December falls exactly in the middle of the heating season, and increasing tensions in the Middle East would put further pressure on the gas market, even if the relevant impact might be already partially incorporated in the current level of forward prices. Furthermore, increased reliance on the spot market means the EU is particularly vulnerable to these developments,’ Signoretto added.
– Türkiye as a strategic partner
In response to these challenges, Europe has been diversifying its energy sources. The US has emerged as a key partner, with its LNG exports playing a critical role in filling the gap left by Russian imports. Nonetheless, the ongoing pause in the US Department of Energy’s permitting process for LNG exports has raised concerns, highlighting the need for swift regulatory action to maintain the momentum in transatlantic energy cooperation.
‘Another pillar for energy security is the development and scaleup of renewable and low-carbon fuels and their derivatives. These are often either domestically produceable and/or sourced from a variety of countries (e.g. biomethane/hydrogen), such that they not only contribute to the energy transition, as per their name, but also improve resilience in the face of geopolitical turbulence,’ Signoretto said.
‘Further, promoting European domestic gas production can also contribute to both security of supply and minimizing methane emissions,’ he added.
Signoretto also mentioned Türkiye as an important energy partner for Europe. TurkStream natural gas pipeline has remained a reliable route to supply gas to Europe in recent years, with volumes slowly increasing throughout this year, he said.
‘In parallel, the Southern Gas Corridor linking Europe to Central Asia through Türkiye is also increasingly relevant as it contributes to our diversification of supply,’ Signoretto noted.
