MOSCOW (Pakistan Point News / Sputnik - 03rd October, 2022) EU underground gas storage facilities (UGS) are likely to drop to 5% in February in the event Russian gas supplies are completely cut off from November 1 and deliveries of liquefied natural gas are limited, according to a report published by the International Energy Agency (IEA).
In late September, EU storage facilities were almost 90% full but the bloc may still face difficulties while filling UGS facilities next winter if Russian gas supplies are stopped, according to the IEA. Based on these facts, the agency decided to assess the consequences of the possible stoppage of Russian gas supplies in its new report.
"The analysis shows that without demand reductions in place and if Russian pipeline supply is completely cut, EU gas storage would be less than 20% full in February, assuming a high level of LNG supply - and close to 5% full, assuming low LNG supply," IEA experts said.
To maintain gas storage levels above 25% with reduced LNG supplies, EU countries will have to reduce gas demand� through the winter period by 9% compared to the average level of the past five years, the IEA said. To maintain the level of UGS reserves above 33%, it will be necessary to cut consumption by 13%.
Thus, gas-saving measures will be crucial for minimizing withdrawals from UGS and maintaining reserves at an adequate level until the end of the heating season, the IEA concluded.
The European Union has been facing a massive energy crisis and struggling to fill its gas reserves in time for the heating season due to the sanctions imposed on Russia after it launched a military operation in Ukraine on February 24. The sanctions and the military operation resulted in significant disruptions in supply chains and a spike in energy prices worldwide.
Moreover, on September 26, a rapid gas pressure drop and leakage of fuel were registered on two Nord Stream pipelines that play a key role in the transition of Russian gas to Europe. The Swedish and Danish authorities said they had discovered two gas leaks, with the consensus being that the incident was a result of sabotage. The Russian Prosecutor General's Office is investigating the pipeline incidents as acts of international terrorism.
