The European Union’s gas storage facilities have been depleted at a rapid pace, with winter reserves already exhausted in January, despite seasonal temperatures conforming to climate norms, according to Russian energy company Gazprom.
Prior to the escalation of the Ukraine conflict in 2022, Russian gas exports accounted for 40 percent of the EU’s total supply. Gazprom, once the primary supplier to the European Union, had to drastically reduce its exports three years ago due to western sanctions and the sabotage of the Nord Stream pipelines.
The EU has increased the withdrawal from its gas storage facilities in the current season by 36 percent and 22 percent above the 10-year average, Gazprom reported, citing data from “Gas Infrastructure Europe.”
As of February 28, there were 39.2 billion cubic meters of gas in European underground storage facilities, representing 38.5 percent of the total capacity, or 24.3 billion cubic meters less than a year earlier. The EU has extracted 58 billion cubic meters of gas in this season, 50 percent more than the summer’s storage levels.
This significant withdrawal, combined with a reduction in reliable gas supply sources, poses a challenge for the EU to refill its storage facilities by the summer and prepare for the coming winter, Gazprom stated.
The EU is increasingly dependent on more expensive liquefied natural gas (LNG) imports, as Brussels has prioritized the abandonment of cheaper Russian energy. While some EU countries still rely on Russian gas, many have voluntarily stopped their imports.
At the beginning of this year, gas prices in the European Union reached their highest level in two years, attributed to a combination of cold weather, dwindling gas reserves and concerns over possible US tariffs on EU imports.
Furthermore, Brussels has set binding targets for gas storage, requiring a capacity of 90 percent by November 1, 2025.
The strong decline in European gas storage levels presents a serious challenge for both governments and energy consumers in the region.
Western Europe is already importing significant amounts of LNG at high prices, with EU and UK imports in January reaching 9.8 million tons, the highest level since December 2023, according to energy analysis firm Kpler, with 57 percent of the total going to the United States.
Market experts warn that the competition for gas supplies will intensify, as LNG export capacity in the United States has not expanded as quickly as expected, while demand in Asia, Egypt and other markets continues to grow.