The countries of the European Union will pass this winter without emptying their gas storages, which means a defeat for Russian President Vladimir Putin in the gas supply battlefield as well, writes Politico.
Despite Putin’s efforts to «freeze» Europe, its economy will have passed the winter without serious damage. A few months ago, there was concern in Europe that due to the reduced supply of Russian gas supplies, there could be a shortage of resources that can be used for heating. However, thanks to a mild winter and successful planning, around 50 billion cubic meters of gas is expected to be in storage at the end of March.
Such a successful end of the heating season, when the remaining reserves are over 50% of the total storage capacity, dispels any fear of a gas shortage in the near future and also reduces concerns about the next winter. EC energy commissioner Kadri Simson said on the 14th of February that
Europe has won the first battle of the energy war with Russia.
EU gas storages closed the winter of 2022 with a 20% balance. Brussels then decided that they should be filled to 80% before winter. The wholesale price of gas rose sharply during the storage filling season, exceeding 335 euros per megawatt hour in August. This had a painful impact on household bills, the work of businesses and European industrial competitiveness. Since then, prices have fallen to around 50 euros per megawatt hour. The EU now has a new goal – to fill storage up to 90% by November 2023.
Five new floating LNG terminals have been installed in the EU – in the Netherlands, Greece, Finland and two in Germany. They have created space for an additional 30 billion cubic meters of gas.
To a large extent, the possibility of reaching the new goal and filling the storages up to 90% of the volume depends on the further reduction of gas consumption. In August 2022, Brussels set a voluntary goal for EU member states to reduce gas consumption by 15%, but between August and December, gas consumption decreased by as much as 20%.
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