Europe's natural gas storage levels failing to fill: Warning of a pre-winter crisis

Alexey Miller, head of the Russian energy giant Gazprom, has announced that Europe will struggle to meet its gas storage targets. In a written statement, Miller noted that some countries are still far from the 90 percent occupancy rate, adding that this poses a risk of an energy deficit across the continent.

Stating that the occupancy rate in Germany's natural gas reserves is at 71.1 percent, while the Netherlands has reached 64.8 percent, Miller emphasized that time is running out to reach the targeted levels. Underlining that similar difficulties are being experienced in the Baltic states, Miller said that Europe is not aware of the severity of this problem.

Miller pointed out that the current situation could lead to disruptions in gas supply during sudden or prolonged cold snaps. Regarding the issue, he stated, "As is known, Europe usually has to start the gas withdrawal season from storage facilities in the first half of October. There is less and less time left to correct the situation in any way."

Due to developments between Russia and Ukraine in recent years and the sanctions imposed by Europe, Gazprom has largely lost its former market share. While the company once held 40 percent of the European gas market, recent data shows that gas exports to Europe have fallen from 201.7 billion cubic meters in 2021 to approximately 15 billion cubic meters in 2024. European countries, seeking to close the gas gap, have had to turn to LNG (liquefied natural gas) suppliers such as the US, Norway, and Qatar.

Experts warn that if storage targets are not met, there could be an increase in energy costs and disruptions in industrial production.

News Source: 12punto