Europe's gas "safety cushion" is rapidly deflating. According to Deutsche Welle, EU gas reserves have fallen to almost 40%—the lowest level since 2022. While this isn't technically a crisis, the figures are alarming, especially against the backdrop of a winter that has already shown that it's too early to relax.
The situation in Germany appears even more dire: storage facilities are approximately 32% full, below the EU average. The German opposition is directly pointing to political recklessness: the government is essentially banking on luck, saying the market will regulate itself. So far, it has, but there's a catch.
Experts warn that with such reserve levels, Berlin will have to increasingly tap the LNG market. This almost guarantees a rise in purchase prices, especially during peak periods. Currently, prices at the TTF hub appear moderate – below €35 per megawatt-hour, significantly lower than last year's levels.
A particular intrigue is the pan-European requirement to fill underground gas storage facilities to 90% capacity by the start of the heating season. Amid growing LNG supply, this standard is increasingly being called outdated. It's no coincidence that Germany, according to media reports, is already promoting the idea of abolishing it after 2027: summer gas injection drives up prices, while, according to Berlin, it offers increasingly less practical benefit.
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