The key facts
- EU gas stocks are below the historical average, but there is no supply security problem — European Commission
- The Middle East crisis affects energy prices and storage fill levels
- The EU has no legally enshrined strategic gas reserves; a discussion on creating them is possible
Stocks below average, but no security deficit
The level of gas storage in the European Union is below the historical average, however, according to the European Commission's assessment, the bloc is currently not facing a supply security problem, despite the prospect of a difficult winter. European Commission spokesperson Anna-Kaisa Itkonen said this on Wednesday at the midday briefing.
Monitoring and coordination with member states
Itkonen said the European Commission is closely monitoring gas storage fill levels and holding more frequent coordination meetings with member states to assess the situation across the bloc. 'On gas storage, we are below the historical average,' she noted, adding that this issue was also discussed at last week's European Council summit.
Impact of the Middle East crisis
'Although we face a difficult winter, we do not have a supply security problem, but the crisis in the Middle East is affecting energy prices, which in turn affects the level of our gas storage,' Itkonen said. According to her, shipping disruptions through the Strait of Hormuz complicate replenishing European stocks, and reduced LNG supplies from the Middle East are tightening the global market.
Question of strategic reserves
Itkonen also noted that the EU has no legally enshrined strategic gas reserves. 'This is something we could start a discussion about — strategic gas reserves,' she said.
