Gazprom Raises Alarm Over EU Gas Supply Risks Amid Winter

Russian energy giant Gazprom has issued a stark warning regarding the reliability of gas supplies to consumers in the European Union. The company highlighted that gas storage levels have dipped below 80%, marking one of the lowest figures for this time of year in the past decade. Gazprom’s concerns stem from the combination of depleted reserves and the potential for prolonged cold weather, which could jeopardize gas supply across the bloc.

In a post on Telegram, Gazprom stated, “With several months of winter weather ahead, insufficient gas reserves in storage could put the reliable supply of gas to European consumers at risk.” This warning comes as the EU has significantly reduced its imports of Russian oil and gas since the escalation of the conflict in Ukraine in February 2022. In response, Moscow has shifted its energy exports primarily towards Asian markets, particularly China and India.

Storage Levels and Withdrawal Rates

Data from Gas Infrastructure Europe (GIE) indicates that the highest-ever daily gas withdrawals from EU storage facilities were recorded during the three days leading up to November 21, 2023. By that date, EU gas storage had fallen below 80%, a significant decrease compared to the 83% full capacity at the start of the withdrawal season on October 13, 2023.

In major gas storage countries, levels were particularly concerning. In Germany, the largest gas storage nation in the EU, reserves were at just 76%. Meanwhile, the Netherlands, which ranks third in storage capacity, reported only 72% full. EU regulations stipulate that underground gas storage must reach 90% capacity between October 1 and December 1 each year.

Shifts in Energy Supply Dynamics

The reliance on liquefied natural gas (LNG) imports has increased as Brussels prioritizes reducing its dependence on Russian energy following the Ukraine conflict. Before the conflict, Russian gas supplied approximately 40% of total EU consumption. However, in the past year, the EU sourced around 19% of its gas from Russia, indicating that several member states still rely on these supplies.

In response to ongoing geopolitical tensions, EU energy ministers recently endorsed a proposal from the European Commission to phase out Russian oil and gas completely by 2028, as part of sanctions against Moscow. Russian President Vladimir Putin has warned that reducing energy supplies from Russia has already resulted in decreased industrial production, increased prices, and diminished competitiveness within the EU.

The situation remains dynamic as Europe braces for the winter months, and the implications of gas supply shortages could be significant for both consumers and the broader European economy.