EU Accumulates Record Gas Reserves for Winter 2023-2024, Reducing Energy Dependence on Russia

European Union countries have amassed a record amount of natural gas in storage facilities for the upcoming heating season of 2023-2024. This will secure Europe against any energy-related issues or the risk of gas shortages or price spikes seen in the previous year, according to Reuters.

As per Gas Infrastructure Europe (GIE) data, by the end of September, gas reserves in the EU and the United Kingdom totalled 1096 terawatt-hours (TWh).

At the conclusion of the main summer season, gas stock replenishment was 172 TWh (19%) higher than the previous decade's average seasonal value. Storage facilities were filled to 96%, which is the second-highest level since 2019, compared to the ten-year seasonal average of 87%.

"The high initial reserves, combined with new LNG import terminals and some additional gas stored in Ukraine, are expected to provide comfortable reserves regardless of the winter weather in 2023/24," the statement said.

In turn, on October 6, the European Commission reported a significant reduction in the impact of Russian supplies on Europe's energy provision.

"We have rid ourselves of dependence on Russian fossil fuels. A few figures testify to this: we have completely eliminated Russian coal. We have reduced the share of Russian oil in supplies from 27% to 6%. The import of pipeline gas from Russia in 2021 accounted for 50% of total energy resource imports, and now it's less than 10%," said Ursula von der Leyen, President of the European Commission.

In its gas report for the first quarter, the European Commission stated that gas consumption in the EU during this period fell by 13% compared to the same period last year, totalling 113.2 billion cubic meters.

It is noted that in all EU member countries except Malta, gas consumption decreased in annual calculations in the first quarter. The highest percentage drop was observed in Greece – 34%, followed by Lithuania – 31%, Estonia – 28%, Bulgaria – 26%, and Finland – 24%.

According to EU data, a significant reduction in consumption was also registered in Austria and Hungary at 23%, as well as in Italy, the Czech Republic, and Slovakia at 19%.

Today, energy prices have fallen to pre-war levels. Most importantly, Europe is making strides by investing in renewable energy sources.