Europe’s End-of-Winter Gas Reserves at Record Levels

Europe is coming out of an energy crisis that began with the conflict in Ukraine and a desire to limit gas imports from Russia (shares fell from 45% in 2021 to 24% in 2022 to 15% in 2023).

The European Commission reports that as of March 31, i.e. at the end of the period of heating use during the winter months, gas storage facilities were more than 58% full, the highest level ever recorded for this period of the year.

Over the past two years, the EU has been working on the REPowerEU plan to diversify supply and invest in renewable energy. In addition, there has been a 20% drop in demand (also related to a reduction in industrial production), which has resulted in a saving of 107 billion cubic meters of gas over the last 18 months.

“High levels of gas storage in Europe mean that markets are becoming increasingly stable, prices have returned to pre-war levels, and Europe can confidently start supplying gas for next winter’s heating season,” Brussels wrote in a statement, which also explained what the priorities are: “Ensuring Europe’s energy security and competitiveness, lowering prices, and facilitating the transition to clean energy.”