GIE

European gas storage units nearly 70% full, on course for October target

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Europe’s gas storage facilities are estimated to be close to 70 percent full in early August, according to data provided by Gas Infrastructure Europe (GIE), representing the continent’s gas infrastructure operators.

Europe’s gas storage units continued being filled at a rapid rate in late July, despite the reduction of Gazprom’s gas supply through the Nord Stream I pipeline, now operating at just 20 percent of capacity.

Given the continent’s current gas storage levels, European authorities are confident an 80 percent objective can be achieved by early October. However, storage level discrepancies between EU member states remains a challenge that needs to be dealt with.

German gas storage units are now 70 percent full, while the level in Italy is higher, at 73 percent. On the contrary, gas storage facility levels are far lower elsewhere, registering 48 percent in Bulgaria, 24 percent in Ukraine and 53 percent in Croatia.

REPower EU plan overambitious, ‘an objective, not a specific strategy’

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The European Commission’s REPower EU transition plan, aiming to greatly reduce Europe’s reliance on Russian gas, is overambitious and should be regarded as an objective rather than a set of specific measures, officials taking part in the recent annual Gas Infrastructure Europe conference, an authoritative sector event, have concluded.

The calculations offered by the REPower EU plan are incorrect, Torben Brabo, GIE’s president, has told the Euractive agency, adding that a closer look at the figures concerning Russian natural gas supply, LNG supply, as well as biomethane projections, renders the European plan as overambitious.

LNG availability and purchase projections in the REPower EU plan are possibly too high, the GIE president stressed.

Officials linked with LNG infrastructure told the GIE conference that the LNG market’s actual conditions will prevent the EU plan’s lofty targets from being achieved. Anything beyond 50 percent of the target set will be difficult to attain, these officials contended.

American current gas liquefaction capacity does not suffice for supply of an additional 15 bcm of LNG to Europe, as specified in the EU plan, officials taking part in the GIE conference contended.

Qatar and other LNG exporters in the Middle East have already committed amounts to non-EU buyers, while the REPower EU plan’s 35-bcm biomethane objective appears to be too optimistic, they added.

 

 

 

 

European gas reserves rise slightly, helped by LNG inflow, weather

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Europe’s natural gas reserves have risen slightly, helped by the arrival of LNG tankers at European shores in recent weeks and, possibly more crucially, the mild winter weather experienced around the continent during the festive period, latest data has shown.

Gas deposit deficits have narrowed since December 24, while inflow marginally exceeded consumption between December 30 and January 1, according to Gas Infrastructure Europe (GIE).

This trend is definitely beneficial for Europe ahead of the further winter period, improving reserve levels for greater sufficiency until March.

Natural gas prices in Europe dipped to 66 euros per MWh yesterday before rebounding to 80 euros per MWh.

At present, it is estimated that 46 American LNG tankers are bound for Europe carrying a combined quantity of approximately 4.1 billion cubic meters. It remains to be seen if gas prices can keep falling.