[London, 26th Reuters]–The reduction of natural gas for Europe by Russia’s gas pipeline “Nord Stream” has made it difficult to meet the European Union’s (EU) gas inventory target. Even if the EU survives this winter, concerns over Europe’s energy security will not be dispelled and gas prices may remain high for the foreseeable future.
Russia’s state-owned natural gas company Gazprom announced on the 25th that its supply of gas pipeline “Nord Stream” for Europe will decrease due to the additional shutdown of one turbine. From the 27th, the daily amount will decrease to 33 million cubic meters. Supply has already dropped to 40% of the previous level at this point, and with this announcement it will be halved from the current level.
The EU plans to fill 80% of its storage facilities by November 1st in preparation for the peak demand winter, but at the moment it is only 66%. Consultancy Wood Mackenzie said the EU can only fill 75-80% of its storage facilities.
Since Russia’s invasion of Ukraine, the supply of natural gas to Europe by pipelines other than Nord Stream has decreased, and the risk of a complete disruption of Nord Stream’s supply has increased. In addition to Germany, Austria and Central and Eastern European countries also depend on Russian gas.
Analysts point out that it is very easy for Russia to find a reason for further cuts.
Ben Carhill and Isabel Huber of the Center for Strategic and International Studies said, “It is important that Russia is now maximizing pressure and trying to upset Europe’s plan to stockpile gas by the fall, or in the future. Are you trying to get ready for it? “
The EU is preparing for the disruption or drastic decrease in natural gas supply from Russia by securing suppliers other than Russia, reducing energy consumption, and using coal power generation.
The EU’s European Commission last week proposed requesting member states to cut consumption by 15% from August. However, some member countries have voiced opposition.
“The energy system across Europe is in jeopardy, and the risk to energy security remains the same even if Nord Stream restarts,” said an analyst at consultancy Lystad Energy. “Prompt cooperation from each country is essential to survive this winter. However, even if it survives, prices will remain high for the time being due to supply instability for the next winter,” he said.
