European energy storage prices plummet

What are European natural gas storage levels?

European natural gas storage levels are currently at new five-year seasonal highs, with the EU's gas reserves at 65.9%, Germany at 71.56%, Italy at 60.3%, and France at 51.3%, according to data from Gas Infrastructure Europe' (GIE)s Aggregated Gas Storage Inventory (AGSI).

How much gas is stored in the EU?

Ahead of this year's deadline, tomorrow, the current gas storage level EU-wide is over 95%, according to the latest figures released by Gas Infrastructure Europe. There is currently around 100 bcm of gas in storage in the EU, which represents around one third of the EU's annual gas consumption. Commissioner for Energy, Kadri Simson, said:

When will EU gas storage capacity be refilled?

During the energy crisis, EU countries agreed to a legally binding target to fill their gas storages to 90% of capacity by 1 November each year, to ensure sufficient security of supply and market stability for the winter months.

What does EU 2022/1032 mean for gas storage?

The Gas Storage Regulation (EU/2022/1032) of June 2022 set a binding EU target of 90% filling of storage facilities by 1 November each year, with interim targets for EU countries to ensure steady filling throughout the year.

Why are European gas prices falling?

European gas prices have plummeted from their summertime peak, as warm weather is helping shore up natural gas storages ahead of winter, according to data from Bloomberg. While the benchmark price for gas is still about three times higher than five-year average, Bloomberg reported that gas prices have fallen 60% from their highs in August.

Will Europe use less gas to generate electricity?

And this year Europe imported lots of Russian gas until June; next year it will have a bigger shortfall to make up. That leaves Europe (and Asia) facing high prices for the next 18 months or so. Hence the second element of Europe’s strategy: to use less gas to generate electricity.