The European Union's gas storage facilities can cover up to a third of gas demand in the winter.
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For the second year in a row, the European Union has met its target of filling gas storage capacity to 90 percent capacity ahead of the crucial winter period, giving it several weeks to spare.
The European Commission said on Wednesday that the target was met on Aug. 18, 10 weeks ahead of the Nov. 1 deadline. That amounts to just under 92 billion cubic metres of gas, enough to cover almost a third of the 27-member nation's winter gas needs.
“We think this is a very good sign in terms of the overall situation on the market, the ability to find alternative sources of energy supply and maintain them at a good level,” a Commission spokesman said on Thursday.
“Of course, we are in regular contact with our member states to help them prepare for winter, but there are no indications of any significant new threats or risks in the coming winter,” he added.
The 90% gas storage target was rolled out in June 2022, weeks after Russia launched a full-scale invasion of Ukraine, exacerbating the growing energy crisis caused by the COVID-19 pandemic.
In response to Moscow's reckless attacks on its neighbors, the EU has pledged to drastically cut natural gas imports from Russia, its main supplier, to deprive Moscow of war funds.
This has pushed global gas prices to unprecedented highs, exceeding €300 per megawatt-hour (MWh) by the end of August in Europe's main hub, the Transfer of Rights Facility (TTF), and raised concerns that the European Union will struggle to remain self-sufficient through the cold winter months.
EU governments have had to step in to ease the financial burden of rising energy prices on industry and households, while Brussels has rolled out a €300 billion programme, RePowerEU, to speed up the transition to renewable energy.
The share of Russian pipeline gas in EU imports fell from 40% in 2021 to 8% by the end of 2023. Meanwhile, Dutch TTF gas futures were at €39.69 as of 12 August.
In a statement, European Commissioner Kadri Simson welcomed “the EU's preparations for the coming winter” but stressed that Ukraine faced a “much more difficult situation” as its “energy sector is under intense and constant attack from Russia.”
“Europe must continue to stand by Ukraine and provide the necessary support for its energy systems so that its people can survive the harsh winter ahead safely,” she added.
