EU to reach winter gas storage target months ahead of new deadline

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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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