Gas Reserves in European Underground Storage Facilities Fall to 53%

Europe is rapidly depleting its gas reserves, which have already fallen by more than 50%. This level was typically only seen in early February.

In the first weeks of January, approximately 900 million cubic meters per day were withdrawn from storage. Storage capacity is currently 15% below the five-year average.

Against this backdrop, the risk of price spikes is growing, which have already occurred in some countries. In the Baltics, electricity bills have almost doubled. This sharp rise in prices is due not only to winter demand, but also to a 45% drop in wind and solar power generation, while electricity consumption in the region has increased by almost 20%.

Thus, a new wave of energy tension is emerging in Europe: rapidly depleting gas reserves and weak renewable energy generation.