Europe Faces Gas Storage Challenges Ahead of Winter 2024
European underground gas storage levels fall to 44.61%, raising concerns as heating season approaches.
European underground gas storage (UGS) levels have dropped below 50%, reaching 44.61%, according to data from the Gas Infrastructure Europe (GIE) reported by HVG.
This figure represents approximately 49.5 billion cubic meters of gas, marking the fifth highest level for February since the records began.
However, this figure is not considered optimal.
The heating season for Europe, which commences on October 29, 2024, is set to begin 10 days earlier than the previous year.
The European Union has drawn more than 59 billion cubic meters from its underground gas storage facilities during this period.
As of the end of the last heating season in March 2024, 58.44% of the gas reserves remained in storage, a record high at that time.
The years 2018 and 2022 posed significant challenges for the EU, where gas storage levels fell to critical points of around 18% and 26% respectively by the end of the spring heating season.
In Hungary, domestic gas storage levels are currently reported to be at 50%.
As of January, wind energy accounted for an average of 21% of the EU's electricity production, although this figure dropped to 12% in the first two weeks of February.
Reports indicate a decline in gas prices after more than a month of increases, with the benchmark price on the Dutch TTF gas exchange decreasing by 1.16% on Friday, closing at 50.09 euros per megawatt hour.
In comparison, gas prices were recorded at 46.78 euros three months ago, 29.16 euros a year ago, and 52.83 euros two years prior.
Hungary's current gas reserves are deemed sufficient for approximately 67 winter days.
According to the Ministry of Energy, Hungary's gas storage level of 46%, amounting to about 3.3 billion cubic meters, significantly exceeds the European average.
The available reserves also surpass the annual residential consumption by a tenth, suggesting a robust supply for the nation.
In the previous year, domestic gas production increased to nearly 1.9 billion cubic meters, representing over one-fifth of the annual usage.
This figure represents approximately 49.5 billion cubic meters of gas, marking the fifth highest level for February since the records began.
However, this figure is not considered optimal.
The heating season for Europe, which commences on October 29, 2024, is set to begin 10 days earlier than the previous year.
The European Union has drawn more than 59 billion cubic meters from its underground gas storage facilities during this period.
As of the end of the last heating season in March 2024, 58.44% of the gas reserves remained in storage, a record high at that time.
The years 2018 and 2022 posed significant challenges for the EU, where gas storage levels fell to critical points of around 18% and 26% respectively by the end of the spring heating season.
In Hungary, domestic gas storage levels are currently reported to be at 50%.
As of January, wind energy accounted for an average of 21% of the EU's electricity production, although this figure dropped to 12% in the first two weeks of February.
Reports indicate a decline in gas prices after more than a month of increases, with the benchmark price on the Dutch TTF gas exchange decreasing by 1.16% on Friday, closing at 50.09 euros per megawatt hour.
In comparison, gas prices were recorded at 46.78 euros three months ago, 29.16 euros a year ago, and 52.83 euros two years prior.
Hungary's current gas reserves are deemed sufficient for approximately 67 winter days.
According to the Ministry of Energy, Hungary's gas storage level of 46%, amounting to about 3.3 billion cubic meters, significantly exceeds the European average.
The available reserves also surpass the annual residential consumption by a tenth, suggesting a robust supply for the nation.
In the previous year, domestic gas production increased to nearly 1.9 billion cubic meters, representing over one-fifth of the annual usage.
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