Europe raises gas storage occupancy rates to 60%

The occupancy rate in Europe's natural gas storage facilities reached 60% as of the end of June from 28% at the end of winter, according to Gas Storage Europe's Aggregated Gas Storage Inventory (AGSI+).

Due to the energy crisis in Europe arising from the Ukraine-Russia war, the continent, which is heavily dependent on Russian gas supplies, has agreed to diversify its resources and fill up its gas storage ahead of the winter months.

AGSI+ showed that at the end of February, the total storage occupancy rate was 28% and this dwindled to 26% at the end of March. This rate rose to 33% at the end of April, 47% at the end of May and 60% at the end of June.

European Union (EU) institutions reached a consensus on May 19 on legislation to make it mandatory to fill at least 80% of underground natural gas storages in member countries by next winter.

Portugal is the only country that has filled all of its natural gas tanks to 97%. Similarly, the UK has a 94% storage occupancy rate.

However, Germany, a country with high natural gas consumption, has storage occupancy of 62% in its warehouses./aa