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[BUSINESS] · United Kingdom, Germany, Italy, Poland, Netherlands · 43 sources

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Europe faces winter gas storage crisis as reserves hit 13-year low

European energy markets are facing a “winter panic” as natural gas storage levels across the European Union have dropped to 63% as of the last week of August. This figure is significantly below the historical average of 80% for this period and represents one of the lowest levels recorded in 13 years.

Experts warn that if the current slow rate of replenishment continues, the EU could enter the heating season with reserves approximately 20% below the five-year average. This vulnerability is exacerbated by geopolitical instability in the Middle East, specifically conflicts involving Iran and Israel, which have disrupted LNG exports through the Strait of Hormuz.

Storage levels vary significantly by country. While Italy and Poland have maintained levels at or above 80%, other major economies face challenges. Germany’s storage is approximately half full, and levels in Belgium and the Netherlands are around 50%. The United Kingdom is identified as particularly vulnerable due to its high consumption and limited domestic storage capacity, with Centrica CEO Chris O'Shea noting the country has “almost no gas in its storage” for the upcoming winter.

Analysts suggest that low reserves increase the risk of extreme price volatility, which could be further intensified by severe cold weather or low wind periods that drive up demand for gas-fired electricity.

Entities

Bosnia and Herzegovina · Centrica · Croatia · Dalibor Pudić · European Union · Gas Infrastructure Europe · Gradska plinara Zagreb · Greg Molnar · HERA · Igor Grozdanić · Oleg Butković · SEB

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Sources

Avrupa'da "kış paniği" [www.gazetezebra.com.tr]