The filling of European stockpiles proceeds expeditiously reaching in mid-August the target set for 1 November this year. Simson: "But the market remains sensitive"
The regulation on gas storage in Europe has set binding targets
(sustainabilityenvironment.com) – The Union has made it well in advance. In mid-August gas storage in Europe reached the filling level set for 1 November this year. Specifically, on 19 August 2023, the dataset published by Gas Infrastructure Europe (GIE) estimates an EU filling percentage of 91.05% equal to over 1,034 TWh. That’s more than 93 billion cubic meters of natural gas. A good result for the European Union, is the result of market dynamics but especially of the new measures adopted following the energy crisis.
The expensive energy and supply threats of 2022 have prompted a solid response from the bloc. From the reduction of gas demand to the search for alternative sources of fuel (LNG in the first place), the Commission has led a concerted international action to increase energy security. And with the new AggregateEU mechanism, it launched the first two international tenders for joint gas purchases, which allowed it to keep prices under control.
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“The first two calls – explains in a press note the Vice-President of the European Commission Maroš Šefčovič – have had very positive results, with a combined total of 22.9 billion cubic meters of gas demand compensated by supply“. A third call will be launched in the second half of September but the first two races have already shown that AggregateEU can efficiently contribute to filling gas reserves as per Community requirements. The EU Regulation 2022/1032 of 29 June 2022 has in fact set a goal of saturation of gas storage in Europe of 90% by 1 November each year at Union level, with intermediate targets for EU countries.
