Energy, Oil & Gas

European gas storage reaches 70pc as prices surge

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Image by CHUNYIP WONG/ iStock

European Union gas storage facilities are about 70 per cent full, down from 82 per cent at the same time last year, according to Gas Infrastructure Europe.

Levels vary across member states, with France at around 81 per cent and Germany near 57 per cent.

Replenishment has slowed as European gas prices rose above €73 ($83) per megawatt-hour, more than doubling since late February amid supply disruptions linked to Middle East tensions.

EU rules require storage to reach 90 per cent before winter, with revised regulations allowing countries a two-month window from October 1 to December 1.

Storage typically covers about 30 per cent of the EU’s winter gas consumption. -OGN/TradeArabia News Service