Europe’s natural gas inventories reached an all-time high on Monday, shielding European countries against the high prices witnessed last year.
Gas inventories across the European Union and the UK amounted to 1,114 terawatt-hours (TWh), breaking the previous record on Oct. 27, 2019 when it reached 1,102 TWh, according to data from the European gas operator association, Gas Infrastructure Europe (GIE).
European underground gas storage (UGS) facilities are now 97.89% full, far exceeding the EU’s target of 90% by Nov 1.
EU nations, which utilize around 400 billion cubic meters of gas annually, have a natural gas storage capacity of 110 billion cubic meters.
Before the Russian-Ukrainian War, 40% of the natural gas consumed in EU nations came from Russia. However, with the outbreak of the war, Russian natural gas exports to the EU have significantly declined.
EU countries had developed legal frameworks mandating the filling of underground natural gas storage facilities prior to the winter months due to the conflict between Russia and Ukraine.
Eighteen of the 27 EU member states have natural gas storage facilities. Germany, Europe’s dominant economy, has the highest gas storage capacity, totaling 25.1 billion cubic meters.
This country is followed by Italy with 20.2 billion cubic meters, the Netherlands with 14.7 billion cubic meters, France with 13.2 billion cubic meters, Austria with 9.8 billion cubic meters, and Hungary with 6.9 billion cubic meters.
There is also some natural gas storage capacity in Belgium, Bulgaria, the Czech Republic, Denmark, Spain, Croatia, Poland and Romania.
Currently, Romania and Spain have reached full storage capacity, while Portugal and Poland have reached 99%, and Slovakia, Germany, and the Czech Republic have a capacity of 98%.
