In the March edition, the Chart of the Month focuses on the underground gas storage in Europe, analyzing the current gas storage levels and the required injection until November 2022, according to EU guidelines.
During Russian-Ukraine war, gas storage is crucial to the further Russian gas independence. Gas storage covers 25-30% of gas consumed across the EU and the, up to now, low levels could threaten the energy security of the region upon possible sanctions on Russian gas.
Europe should seek alternative gas suppliers, other than Russia (mainly LNG cargoes) to fill up its underground facilities. The 80% fill-up target until November 2022, which is translated to 54.3 bcm, seems challenging, but feasible. The refilling of EU gas facilities has started earlier than ever and the high-priced injected natural gas needs to be incentivized to keep this trend.
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