EUs Energy Security Strengthened: Gas Storage Surpasses Targets Before Winter

EU’s Energy Security Strengthened: Gas Storage Surpasses Targets Before Winter

Share:

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

The European Union (EU) enters the winter season with comfortable gas reserves, marking a success in its energy strategy. Storage levels currently exceed 95% of capacity, according to EU Energy Commissioner Kadri Simson. This performance surpasses the set goal of 90% storage by November 1, providing a safety margin for the upcoming cold months.

In a statement on October 31, Simson highlighted the efforts made to diversify energy sources and reduce dependency on Russian fossil fuel imports. This strategy, accelerated by the war in Ukraine, has allowed Europe to prepare more effectively for potential supply shocks. She added that the Union is now in a better position to ensure stable prices and regular supplies.

An Early Target Achievement

The EU reached its 90% storage target as early as August 19, eleven weeks ahead of the deadline. Data from the association Gas Infrastructure Europe (GIE) show that storage levels continued to rise, despite temporary disruptions due to Norwegian maintenance work. This maintenance reduced gas deliveries to Europe in September, but reserves managed to stabilize around 95% in mid-October.

As of October 29, EU gas reserves represented around one-third of Europe’s annual consumption, or nearly 100 billion cubic meters (Bcm). This storage capacity provides support for European markets in the event of supply fluctuations.

Rising Prices Despite a Favorable Situation

Despite high stock levels, gas prices reached peaks in 2024, fueled by concerns over winter supplies. The Dutch TTF futures price, a European benchmark, reached €43.47 per megawatt-hour (MWh) on October 25, before slightly retreating to €41.03 on October 30. This situation underscores the persistent market volatility, exacerbated by external factors and increased winter demand.

To address this volatility, the EU continues to promote renewable energy and energy efficiency. This approach aims to reduce pressure on gas reserves and ensure a sustainable long-term energy transition.

Exceptions Within the Union

Almost all EU member states achieved the 90% target, with the notable exception of Denmark and Latvia. Denmark recently informed the European Commission that it would be technically impossible to reach this threshold by November 1, though a secondary goal for December remains possible. Delays in restarting the Tyra gas field and maintenance work on the Baltic Pipe limited Danish gas injections. As of October 29, Danish storage sites were filled to only 74.5% of capacity.

This specific situation is also observed in Latvia, where regulations limit storage obligations to avoid disproportionate impacts on member states with significant storage capacities. These exceptions do not significantly affect the overall gas supply security of the EU.

Monkey Island LNG has awarded McDermott the design of a gas terminal with a potential capacity of 26 MTPA, using a modular format to increase on-site output density and reduce execution risks.
The Voskhod and Zarya vessels, targeted by Western sanctions, departed China’s Beihai terminal after potentially offloading liquefied natural gas from the Arctic LNG 2 project.
ADNOC Gas will join the FTSE Emerging Index on September 22, potentially unlocking up to $250mn in liquidity, according to market projections.
Norwegian company BlueNord has revised downward its production forecasts for the Tyra gas field for the third quarter, following unplanned outages and more impactful maintenance than anticipated.
Monkey Island LNG adopts ConocoPhillips' Optimized Cascade® process for its 26 MTPA terminal in Louisiana, establishing a technology partnership focused on operational efficiency and competitive gas export pricing.
NextDecade has signed a liquefied natural gas supply agreement with EQT for 1.5 million tonnes annually from Rio Grande LNG Train 5, pending a final investment decision.
Sawgrass LNG & Power has renewed its liquefied natural gas supply agreement with state-owned BNECL, consolidating a commercial cooperation that began in 2016.
Gazprom and China National Petroleum Corporation have signed a binding memorandum to build the Power of Siberia 2 pipeline, set to deliver 50 bcm of Russian gas per year to China via Mongolia.
Permex Petroleum signed a $3 million purchase option on oil and gas assets in Texas to support a strategy combining energy production and Bitcoin mining.
Enbridge announces the implementation of two major natural gas transmission projects aimed at strengthening regional supply and supporting the LNG market.
Commonwealth LNG’s Louisiana liquefied natural gas project clears a decisive regulatory step with final approval from the U.S. Department of Energy for exports to non-free trade agreement countries.
The Indonesian government confirmed the delivery of nine to ten liquefied natural gas cargoes for domestic demand in September, without affecting long-term export commitments.
The Egyptian government signs four exploration agreements for ten gas wells, allocating $343mn to limit the impact of the rapid decline in national production.
Hungary has imported over 5 billion cubic metres of Russian natural gas since January via TurkStream, under its long-term agreements with Gazprom, thereby supporting its national energy infrastructure.
U.S. regulators have approved two major milestones for Rio Grande LNG and Commonwealth LNG, clarifying their investment decision timelines and reinforcing the country’s role in expanding global liquefaction capacity.
Hokkaido Gas is adjusting its liquefied natural gas procurement strategy with a multi-year tender and a long-term agreement, leveraging Ishikari’s capacity and price references used in the Asian market. —
Korea Gas Corporation commits to 3.3 mtpa of US LNG from 2028 for ten years, complementing new contracts to cover expired volumes and diversify supply sources and price indexation.
Petrobangla plans to sign a memorandum with Saudi Aramco to secure liquefied natural gas deliveries under a formal agreement, following a similar deal recently concluded with the Sultanate of Oman.
CTCI strengthens its position in Taiwan with a new EPC contract for a regasification unit at the Kaohsiung LNG terminal, with a capacity of 1,600 tonnes per hour.
Exxon Mobil forecasts sustained growth in global natural gas demand by 2050, driven by industrial use and rising energy needs in developing economies.

Log in to read this article

You'll also have access to a selection of our best content.