EU Gas Prices Surge Amid Storage Capacity Reach
The European Union's gas storage facilities are currently at 67% capacity, with prices reaching nearly three times higher than at the start of this year. Gligo Vukovic, energy program manager at the EU Delegation to Serbia, stated that gas, oil, and fuel shortages are not expected during the upcoming heating season, but price will be the main challenge.
The price of gas has increased from around 30 euros per megawatt hour at the start of this year to 79 euros currently. This is a significant rise from June when gas cost around 42 euros per megawatt hour. Vukovic noted that about a third of total supply is bought on the spot market, while the remaining two thirds are secured through long term and medium term contracts.
Serbia has expressed interest in joining the European platform for joint gas purchasing, which pools demand from several countries to secure a better price. The country does not have access to every mutual assistance mechanism but can still use some mechanisms, including joint working group on supply security and joint gas purchasing.