This summer, due to Russian missile attacks on the energy sector, European traders are using only a part of Ukraine's natural gas storage facilities. This is reported by the Financial Times , UNN .
Details
The publication reminds us that Ukraine has the largest underground storage facilities in Europe and last year provided EU companies with valuable space to store excess gas ahead of winter.
However, after Russian attacks in the spring on energy infrastructure, including gas storage pumping facilities, European volumes in June and July fell to a tenth of the volumes stored during the same period last year.
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The FT emphasizes that gas storage facilities in the EU can hold a maximum of about 100 billion cubic meters of natural gas, while the annual demand in the bloc is between 350 and 500 billion cubic meters, depending on weather and other conditions.
Last year, Ukraine offered about 10 billion cubic meters of additional gas storage capacity, and European companies accumulated more than 2 billion cubic meters in anticipation of the winter months.
But this year's injections have been insignificant, even though EU storage facilities are 86% full, the highest level this year.
According to Argus, European companies shipped only 15.4 million m³ and 51.9 million m³ in June and July, compared to 102.7 million m³ and 586.6 million m³ in these months of 2023.
It is noted that the gas reservoirs themselves are located deep underground, which protects them from impacts, damage to the above-ground facilities used to pump gas into the storage facilities is a significant risk that traders are worried about.
The main problem is not the loss of gas, but the inability to withdraw it when it is needed
Addendum
Analysts of the Financial Times emphasize that Ukraine wants European traders to continue using its gas infrastructure because it brings valuable revenue to its war-torn economy.
Last year, the EU even negotiated with banks to provide insurance to cover the risks, but they failed. One senior official said that the increase in attacks only makes such decisions more difficult.
According to him, Ukraine can earn about 200 million euros from European traders who store gas, but the counter-guarantee should reach 1 billion euros.
Recall
Ukraine's Deputy Energy Minister Mykola Kolisnyk said that more than 200 European traders are already using Ukraine's gas transportation infrastructure, which has become part of the EU system.