Europe has opened the valves in gas storage facilities to the fullest

In mid-January of the country The EU is taking the maximum amount of gas from storage facilities — the largest volumes since the beginning of January 2023. Cold weather and another calm in the region have already forced Europe to empty its UGS by a third.

On January 13 and 14, gas extraction from the storage facilities of the EU countries exceeded 900 million cubic meters per day. According to GIE, on January 14, volumes reached 921 million cubic meters. This is the maximum figure for this heating season and from January 10, 2024.

The new jump in gas extraction in the EU is explained by both colder weather and another period of calm, which forces the use of more gas for electricity generation. According to the Institute of Solar Energy Systems. Fraunhofer, on January 15, the share of wind generation in Germany fell to 19.5%, and gas increased to 29.8%.

This is the third period of windlessness in Europe during this heating season, which leads to an increase in electricity prices, as the price of gas on the stock exchanges continues to remain at $ 500 per thousand cubic meters.

The sensitivity of the situation for the European Union lies in the fact that over half of the heating season, more than a third of the reserves — 34 billion - have already been taken from storage facilities. And at this rate, by April 1, the current reserves of 70 billion cubic meters may decrease by another half — to 35-36 billion cubic meters.

These will be the lowest reserves since 2022, and the difference compared to the end of the last heating season will be approximately 27 billion cubic meters, which will have to be purchased additionally on the market. If we add to them 15 billion cubic meters per year, which disappeared after the stop of Ukrainian transit, then the loss of balance The EU will already account for 42 billion cubic meters or 40% of the reserves with which The EU welcomed this heating season.