EU Gas Supply Remains Stable Despite Depleted Reserves
The European Commission and EU member states are assuring that the bloc's gas supply remains secure ahead of winter, despite depleted reserves. The assessment came from a meeting of the Gas Coordination Group on September 24, where they acknowledged 'lower storage levels compared to historical levels' but said supply remained stable.
According to figures from Gas Infrastructure Europe (GIE), EU facilities were about 70% full on September 23, down from 65.4% on September 1, the lowest for that date since records began in 2011.
The shortage is attributed to months of disruption to liquefied natural gas (LNG) shipments through the Strait of Hormuz since the Iran war broke out on February 28. State-owned QatarEnergy has kept force majeure on deliveries to European buyers since March.
Brussels loosened its 90% storage obligation earlier this year, and analysts have estimated that storage may reach 70 to 75% by the start of the heating season. Wholesale prices on the Dutch TTF benchmark climbed above €80 (about $91) per megawatt hour in mid-September.