Europe's gas storage facilities are half empty

H Due to the cold weather, European suppliers are actively “withdrawing” gas from underground storage facilities, as a result of which they are already half empty. This is shown by data from Gas Infrastructure Europe (GIE), BGNES reports.

As of January 12, the occupancy of European gas storage facilities is 49.33%. A year earlier, the figure was significantly higher – almost 65%, and in 2020 – 83%.

Scary forecast for the world and prices

In the previous winter season, Europe spent record volumes of storage – 65.6 billion cubic meters.

This season, which began on 13 October, the level of occupancy of European storage facilities has already fallen by almost 28%.

One of the largest plants in Bulgaria stops working due to the expensive electricity and Omicron

According to Gazprom, as of January 10, EU countries withdrew from underground storage more than half of the volume of pumped gas last year – 55.6 % (26.6 billion cubic meters).

Low temperatures are the main reason for the demand for blue fuel. In moderately cold weather, European consumers need to have enough gas, but severe frosts can lead to supply disruptions. If the download rate continues, then by March-April the repositories will be filled to a record low.

The government and business have agreed on higher compensation for electricity prices

This situation maintains high prices for blue fuel in Europe, and hence for electricity, which raises inflation in general.

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