MOSCOW, August 17. /TASS/. The level of gas reserves in European underground gas storage (UGS) facilities has surpassed 75%, according to data provided by Gas Infrastructure Europe (GIE).
As of August 15, 2022, European UGS facilities were 75.06% full, down by 0.02 percentage points (pp) compared with the average as of this date over the past five years. Around 80.7 bln cubic meters of gas are stored there now. Last year that level was only reached in early October.
Earlier, the European Commission (EC) suggested that the occupancy level be introduced for EU gas storage facilities of at least 80% for 2022-2023 winter, and of 90% for all future winter periods.
Portugal and Poland have reached the highest storage occupancy level of 100% and 99.03%, respectively. UGS facilities in Germany are 77.3% full, in France - 86.6% full, in Italy - 77.06%, in the Netherlands - 70.78%, in Bulgaria - 55.8%, in Denmark - 92.35%, in Hungary - 58.16%, in Austria - 59.83%, in the Czech Republic - 81%, in Belgium - 80.29%, in Latvia - 55.19%.
If the August rates of gas pumping into UGS facilities (0.38 pp per day on average) persist in the near future the total level of European countries' reserves may reach the 80% target as early as at the end of this month.
That said, amid a reduction in pumping of Russian gas via the Nord Stream and through Ukraine, occasional interruptions in transportation of gas from Norway due to repairs, rising temperatures and a decline in wind generation, Europe has to fill storage facilities with more expensive liquified natural gas.
In particular, on August 16 the spot price of gas in Europe exceeded $2,600 per 1,000 cubic meters on London's ICE for the first time since early March. In its turn, Gazprom did not rule out gas prices in Europe would climb above record $4,000 per 1,000 cubic meters in the winter.
Since the beginning of August liquefied natural gas (LNG) supplies from terminals to Europe's gas transport system have demonstrated record rates for this month. LNG reserves in EU states are 36% higher now than in 2021, and 11% higher than a five-year average. That said, GIE no longer considers data on UGS and LNG terminals in the UK starting February 13.
The facilities on LNG regasification and its further pumping into European pipelines are currently loaded by 54%.