Gas reserves in Europe's underground storage facilities are approaching 86 percent

By Alimat Aliyeva

Currently, the volume of natural gas reserves in underground gas storage facilities in Europe has reached 85.7 percent, Azernews reports.

According to the Gas Infrastructure Europe Association, as of August 3, gas extraction from warehouses in the European Union amounted to 18.5 million cubic meters, and gasification - 294 million cubic meters. Currently, 93.2 billion cubic meters (85.7 percent) of gas is stored in Europe's underground storage facilities, which is 8.66 percent more than the average for the same period of the last five years.

In July, the share of wind generation in European electricity production fell to 11.56 percent, the lowest level since mid-2023.

At the moment, the price of a thousand cubic meters of gas on the London ICE exchange is about $406.

The Russian company Gazprom supplies 42.3 million cubic meters of gas per day to Europe. Despite the war, this gas is supplied to the "old continent" in transit from the territory of Ukraine. This line remains the only route for Russian gas supplies to the countries of Western and Central Europe after the failure of the Nord Stream gas pipeline.

Also in June, the injection of liquefied natural gas from terminals into the European gasification system fell to the lowest level since November 2021 — 33 percent of the maximum capacity.