EU gas reserves may drop to 5% in February

EU gas reserves may drop to 5% in February

EU underground gas storage facilities (UGS) are likely to drop to 5% in February in the event Russian gas supplies are completely cut off from November 1 and deliveries of liquefied natural gas are limited, according to a report published by the International Energy Agency (IEA).

"The analysis shows that without demand reductions in place and if Russian pipeline supply is completely cut, EU gas storage would be less than 20% full in February, assuming a high level of LNG supply – and close to 5% full, assuming low LNG supply," IEA experts said.

To maintain gas storage levels above 25% with reduced LNG supplies, EU countries will have to reduce gas demand through the winter period by 9% compared to the average level of the past five years, the IEA said. To maintain the level of UGS reserves above 33%, it will be necessary to cut consumption by 13%.

Thus, gas-saving measures will be crucial for minimizing withdrawals from UGS and maintaining reserves at an adequate level until the end of the heating season, the IEA concluded.