Despite gas storage levels being lower than in previous years, the Directorate-General for Energy of the European Commission stated that there is currently no immediate threat to the security of gas supply in the EU.
This assessment was made during a meeting of the Gas Coordination Group, which brought together experts from both the community's executive branch and member states to analyze the state of energy markets and prepare for the upcoming winter.
According to data from Brussels, the EU is better prepared compared to 2021 and 2022. This was made possible by increased diversification of supply sources, growth in liquefied natural gas (LNG) import capacities, and reduced gas demand compared to the previous energy crisis.
The Commission notes that based on historical forecasts, the EU is moving in the right direction to achieve an adequate level of readiness for winter, and there are no grounds for intervention under current circumstances.
The institution guarantees that the EU's gas system is resilient enough to cope with lower storage levels during the next winter.
Nevertheless, the international situation remains uncertain. The European Commission reports that instability persists in the Middle East, and LNG production from Qatar remains suspended. Furthermore, recent heatwaves in Europe have increased the consumption of gas used for electricity generation.
Geopolitical instability continues to cause high volatility in energy prices, so Brussels promises to continue closely monitoring the situation in cooperation with member states and stakeholders.
A new meeting of the Gas Coordination Group is scheduled for September 24.
According to data provided by the association representing gas infrastructure operators in Europe (Gas Infrastructure Europe), as of Thursday (the latest information), gas reserves in the EU stood at 65.85%. Portugal, one of 18 member states with gas storage, is an exception, having one of the highest figures in the EU—93.08%, second only to Poland (94.25%).
However, the underground salt cavern storage in Portugal is relatively small compared to the rest of Europe, amounting to about three to four terawatt-hours.
The energy crisis intensified after the war with Iran, which affected energy flows in the Middle East, causing greater pressure and volatility in international gas and oil markets. This effect was particularly felt in the European market due to disruptions in LNG exports from the region.
The escalation of conflict in the Middle East, which is a critical region for global fossil fuel supply, is leading to sharp price increases. Currently, the EU has strict gas storage rules requiring all countries to reach 90% filling between October 1 and December 1 before the cold season begins.