Full gas storage not enough for EU to last through winter – Reuters – RT Business News

Analysts say the region will run out of gas by March if they don’t reduce consumption

Fully stocked gas storage facilities may not be enough to sustain European countries through the upcoming heating season, Reuters reported on Wednesday, citing analysts.

According to calculations by Aurora Energy Research, the block’s storages can only supply enough gas for up to 90 days of average demand. Modeling by data intelligence firm ICIS also shows reserves in the region could run out by March. Analysts therefore agree to considerably reduce gas consumption to avoid shortages.

To cope with this crisis situation, demand reduction will be even more important than storage,Simone Tagliapietra, senior researcher at the Bruegel think tank, was quoted as saying.

CIHI data shows that, if consumption is reduced by 15% below the five-year average each month, the bloc could still have 45% of gas reserves in the spring if Russia continues to supply gas to the region at its current volumes, and 26% if Russia stops deliveries in October.

Additionally, the EU’s inability to save gas this winter would affect storage levels next year. According to the Oxford Institute of Energy Studies, if Russia reduces gas flows and the EU depletes its storages during the next heating season, next year’s storages will be emptied as early as November, even before the heating season. heating not in full swing.

Storage is the safety net, but a very significant reduction in demand is what we need first in this crisis“, declared Matthias Buck, director Europe of Agora Energiewende, with the media.

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