Europe Seems Better Prepared Than Before: The Natural Gas Storages Twofold Since Last Year

The rate of gas stock in Europe has increased from last February by double. With a 98 percent increase rate, Portugal tops the list. As of February 15, 2023, the natural gas storage of the European Union (EU) nations, with a capacity of almost 113 billion cubic meters, reached 65.22 percent, more than double the amount from the same time last year.

Portugal had the highest occupancy percentage of natural gas storage in EU countries as of February 15, with 98 percent, according to data gathered by an AA reporter from Gas Infrastructure Europe.

The Europe Union (EU) has Prioritized this Endeavour

The EU countries, which consume about 400 billion cubic meters of natural gas annually, tried to ensure energy security before the impending winter by taking a number of precautions against the possibility that the war in Ukraine would interrupt the flow of natural gas from Russia. They also increased their imports of LNG. In addition to the contribution of LNG to global energy consumption, the mild winter and the record-breaking temperatures in October 2022 avoided a sharp decline in warehouse occupancy rates.

Europe Seems Better Prepared Than Before: The Natural Gas Storages Twofold Since Last Year

Lower gas costs and less gas consumption in warehouses were the other results of consumer energy conservation efforts in Europe and government assistance in this area. The estimated overall fill rate of natural gas storage facilities in Europe on February 15 of last year was 32.67 percent. This number nearly doubled on the same day this year, reaching 65.22 percent. Germany now has a 72.16 percent storage occupancy rate, compared to 89.5 percent in the Netherlands, 89.5 percent in Poland, 77 percent in Italy, 65 percent in France, and 72 percent in Austria.

The Storage Capacities of the EU Members Seem Enough

Among the 27 EU member states, 18 have places to store natural gas. Germany, the biggest economy in Europe, has the most gas storage capacity. Germany’s natural gas storage facilities have a combined capacity of 25.1 billion cubic meters.

At 20.2 billion cubic meters, Italy is the next largest country, followed by the Netherlands with 14.7 billion cubic meters, France with 13.2 billion cubic meters, Austria with 9.8 billion cubic meters, and Hungary with 6.9 billion cubic meters. Moreover, there is also some natural gas storage in nations such as Spain, Croatia, Poland, Romania, Czechia, Belgium, Bulgaria, and Denmark.

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Ren Garcia

I am a personal finance reporter and markets reporter at Los Angeles/USA today. I graduated from San Jose State University, where I double majored in Business Administration and International Business.

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