The European Union (EU) enters the winter season with a comfortable gas reserve, marking a success in its energy strategy. Storage levels currently exceed 95% of capacity, according to Kadri Simson, European Commissioner for Energy. This performance exceeds the target of 90% occupancy on November 1, providing a margin of safety to face the cold months to come.
In a statement on October 31, Simson highlighted efforts to diversify energy sources and reduce dependence on Russian fossil fuel imports. This strategy, accelerated by the war in Ukraine, allowed Europe to prepare more effectively for potential supply shocks. She added that the Union is now in a better position to ensure stable prices and regular supplies.
A target reached in advance
The EU reached its 90% fill target on August 19, eleven weeks before the deadline. Data from the Gas Infrastructure Europe (GIE) association shows that storage levels subsequently increased, despite temporary disruptions linked to Norwegian maintenance work. These caused a notable reduction in gas deliveries to Europe in September, but reserves managed to stabilize at around 95% by mid-October.
As of October 29, gas reserves across the EU accounted for around a third of Europe's annual consumption, or almost 100 billion cubic meters (Bcm). This storage capacity guarantees support for European markets in the event of supply fluctuations.
Rising prices despite a favorable situation
Despite high inventories, gas prices hit record highs in 2024, fueled by concerns over winter supplies. The price of the Dutch TTF futures contract, a European benchmark, thus reached 43.47 euros per megawatt hour (MWh) on October 25, before falling slightly to 41.03 euros on October 30. This situation is reminiscent of persistent market volatility, exacerbated by external factors and increased demand for the cold season.
To address this volatility, the EU continues to promote renewable energy and energy efficiency. This approach aims to reduce pressure on gas stocks and ensure a long-term sustainable energy transition.
Exceptions within the Union
Almost all EU member states have reached the 90% target, with the notable exceptions of Denmark and Latvia. Denmark recently informed the European Commission that it would be technically impossible to reach this threshold before November 1, but a secondary target for December remains possible. Delays in restarting the Tyra gas field and maintenance work on the Baltic Pipe gas pipeline have limited Danish gas injections. As of October 29, Danish storage sites were filled to only 74.5% of capacity.
This particular situation is also observed in Latvia, whose regulations limit filling obligations to avoid disproportionate effects on Member States with significant storage capacities. These exceptions do not significantly affect the overall security of gas supplies to the EU.
