Gas reserves in the EU are still full to face the winter

National stocks are on average at 82,4% of their maximum, according to the latest data dating back to Sunday. Rate similar to that of last year on the same date (83%).

The occupancy rate ranges from 99,5% in Portugal to 72,1% in Croatia. France is at 79,7%, Italy at 78,6%, Belgium at 81,8%, Austria at 92,2%, Germany at 89,7%.

Outside the EU, Great Britain has a 98% occupancy rate. On the other hand, Ukraine is at 26%.

Gas supplies in Europe have been subject to strong tensions since the outbreak of the war in Ukraine in February 2022.

The EU has reduced its purchases of Russian gas transported by pipelines, and now relies heavily on liquefied gas (LNG), coming in particular from the United States but also from Russia (notably via TotalEnergies and its Siberian infrastructure).

To prevent winter temperatures, the EU had achieved its 90% storage target for this season by August.

At this stage, the gas and electricity markets in Europe remain rather "relaxed" and have not shown a big reaction, observes Laurent Nery, director of market analyzes for Engie.

This situation for gas is linked to the importance of stocks, but also to a change in consumer behavior and better efficiency, particularly in buildings, which has been observed since the energy crisis, he told AFP: " If the same cold had prevailed five years ago, the demand for gas would have been 10 to 15% higher for heating.

At the same time, industries (fertilizers, steel, glass, etc.) have moderated their demand, in an otherwise slow economic context.

“For the future, our meteorologists are warning us of the arrival of new episodes of cold by the end of January, but we are not worried, given the gas stocks,” he adds, while this energy is today located "around 30 euros per MWh", very far from the peaks of 2022 (more than 100 or even 300 euros/MWh).

Same serenity displayed on electricity. “It’s not an Arctic blizzard, the wind turbines produce a little less but they produce and Europe is interconnected,” underlines Mr. Néry.

If a new cold spell were to further reduce their supply, there would remain "margins with gas power plants and we have good hydraulic stocks", he reassures. A one-off peak in market prices can, however, occur in the event of extreme temperatures, such as those encountered in Finland at the start of the week, he adds.