Gas reserves in European UGS plants reach over 86%, gas prices reach $450

Gas reserves in European underground gas storages (UGS) exceeded 86%, but are still slightly below last year’s level, when UGS storages were over 87% full. Meanwhile, gas prices on the European exchange rose 5% to $454.6 per 1,000 cubic meters the day before due to concerns about Ukrainian transit, and are currently trading at around $450, News.az reports.

According to Gas Infrastructure Europe (GIE), 236.4 million cubic metres of gas were injected into underground gas storage facilities and 49.4 million cubic metres of gas were withdrawn in EU countries by August 7.

Currently, European underground gas storage facilities are 86.65 percent full (8.49 percentage points more than the average of the last five years for this date); they contain approximately 95.3 billion cubic meters of gas.

The share of wind energy in EU electricity generation fell to its lowest level since June 2023, at 11.56%, in July, and remained at its lowest level of 8.39% in August.

At the same time, Gazprom supplies gas to Europe through Ukraine at a volume of 38.5 million cubic metres per day via the Sudzha gas pumping station in the Russian Kursk region.

News.Az