The European Union (EU) is on track to fill its gas storage two months before schedule as the bloc prepares for a challenging winter, even as Russia restricted its gas supplies and the prices of energy increased.
Currently, 38% of the natural gas imported by the 27 member states of the EU comes from Russia. According to inventory data from Gas Infrastructure Europe, reserves in the EU were filled up to 79.4% as of August 27, 2022, against the target of 80% by November 1, 2022.
After the levels in last winter appeared to be lower than in the previous years, particularly in German facilities controlled by Russian exporter Gazprom PJSC, a factor that contributed to the steep hike in energy prices, the EU strengthened its storage regulations early in 2022.
On August 29, 2022, natural gas prices in Europe fell to their lowest levels since March 2022 after Germany declared that its gas reserves are filling up more quickly than anticipated. Even though the decline in prices after a rally provides some respite, futures are still trading nearly six times higher than they were in 2021.
The EU aims at reducing its reliance on Russia, which has historically been the largest supplier of energy in the area. Growing renewable energy sources, increased efficiency, and shipments of pipeline gas and liquefied natural gas from other providers in the Mediterranean region, Africa, the Middle East, and the US are intended to replace the flows from Russia.
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