EU to reach gas storage target months ahead of deadline
EU to reach gas storage target months ahead of deadline
www.euronews.com
EU to reach winter gas storage target months ahead of new deadline
9 comments
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This is the best summary I could come up with:
Gas storage across Europe is now filled at just under 90% capacity, reaching a mandatory target to ensure the continent can power itself through winter with months to spare.
These fears were realised shortly after in retaliation against wide-ranging economic sanctions imposed by the EU as well as a pledge to stop all Russian fossil fuel imports.
The abrupt cut-off from Russia sparked concerns the EU could suffer winter blackouts, prompting governments to prepare worst-case scenarios including rolling power cuts.
Gas storage levels at the beginning of April -- or the end of the heating season -- were 56% full, well above the five-year average of 34%.
The EU executive has touted its platform as a 'remarkable success' but kept mum on prices, stating it does not take part in negotiations between buyers and sellers.
However, reliance on foreign suppliers for gas means the EU remains vulnerable to price fluctuations.
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9 comments
I never thought Russia would be the main argument for getting Western Europe off gas and oil.
You should clarify that it's getting off Russian gas and oil. Overall gas and oil will stay, just from other sources.
Gas pipelines bind end points together. The buyer is depended on the supplier, the supplier on the buyer. With Europe buying way more LNG now to replace Russian gas, the seller can be across the Atlantic Ocean. For oil this has always been the case with oil tankers.
Buying happens now on the international market instead of the pipeline end points (in Russia).
There was a massive decrease in natural gas consumption in Europe. LNG was not able to replace all of it, so alternatives and saving decreased consumption. There are also a number of laws and investment changes away from natural gas. LNG is just more expensive then pipeline gas and the EU wants to move away from fossil fuels anyway, so investments are not that intressting.
We must be careful with such generalisations. In Austria, for example, the country's dependence on Russian gas has increased since the invasion in Ukraine.