Alarm in Europe: Gas Reserves Are at Low Levels
8 Articles
8 Articles
Europe is entering winter with low gas reserves and risks another price explosion. In an unusual move, the region is even ready to import diesel from South Korea. According to expert estimates, the European Union still needs over 100 terawatt-hours of gas, worth over seven billion euros, to reach a minimum storage level of 75 percent.
Replenishment of natural gas reservoirs was postponed until the continent turned to record low levels for the autumn months. The 2022 scenario may repeat itself.
Germany and the Netherlands have already indicated that they will not be able to fill their gas storage facilities to the required level. If Europe is lucky, it will have a mild winter due to El Niño.
According to a British newspaper, citing experts in the sector, the continent faces the threat of a drastic rise in energy bills this winter because its natural gas reserves are at one of its lowest levels in the last two decades.
At present, European storage is about 65% full: this is the lowest value for this period of the year since 2011. The EU depends on the import of gas for approximately 80% and the available supplies of LNG must be divided with Asian buyers. The minimum point of the underground gas reserves of 2026 was [...] The article THE EUROPEAN COMMISSARY WOPKE HOEKSTRAVENTE: THE EU MUST BE PREPARATIOND FOR A GAS DEFENCE IN THE CASE OF LOW RESIDENCE AND A RIG…
While Europe's gas reserves have fallen to their lowest level in 15 years (62%), gas prices have jumped 89% from the previous year to $900, doubling the energy crisis for the Green Continent.
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