Slovakia declares itself technically and strategically ready to face the cessation of imports of Russian gas via Ukraine, a scenario envisaged for the end of 2024. This situation results from the end of the gas transit agreement between Russia and the Ukraine, directly affecting European countries dependent on this energy corridor.
According to Denisa Sakova, Minister of Economy, Slovakia anticipated this scenario and has gas stocks 20% higher than the previous year. Underground storage infrastructures are almost saturated, which constitutes an atypical situation for the end of December. In addition, diversification of supplies has allowed the country to secure contracts with international energy giants, including BP, ExxonMobil and Shell, as well as a liquefied natural gas (LNG) deal with Polish company Orlen.
Multidirectional Alternatives
Slovakia benefits from an interconnected network of pipelines with its neighbors, allowing it to import gas from multiple directions, limiting the immediate impacts of the end of transit via Ukraine. Collaboration with Ukraine and Russia was discussed in bilateral meetings, although Kyiv took the unilateral decision to cut off Russian gas transit.
The Ministry of the Economy described the decision as “non-rational”, predicting a rise in gas prices in Europe, with repercussions on the European economy as a whole.
Financial and Regional Consequences
Financially, the cost of supplying alternative gas could represent a surplus of 177 million euros for Slovak companies. Added to this is the loss of revenue generated by transit rights, estimated at several tens of millions of euros. This amount exceeds the budget allocated for energy subsidies for Slovak households in 2025.
Furthermore, the consequences of stopping Russian transit will also affect the competitiveness of Slovak companies and increase tensions on energy prices on a European scale. The TTF reference price for gas, assessed on December 30 at €47.64/MWh, could see further increases in the coming months.
Reserves as a Safety Net
Slovakia stands out for its proactive preparation. The public supplier SPP has increased its gas stocks and concluded long-term contracts with several suppliers. At the same time, infrastructure optimization measures made it possible to guarantee immediate access to alternative supplies.
Although the financial impact is significant, Slovakia ensures that it will be able to maintain its energy independence in the face of this major transformation of the European energy landscape.
