Europe Needs 100 TWh of Gas for Winter Reserves

As of August 31, 2026, EU gas storage facilities are filled to an average of 65%, which is below the 82% average over the past five years. To reach the minimum target of 75%, countries need to inject more than 100 TWh of gas. The filling levels vary by country: Italy - 83%, France - 71%, Germany - 53%, Netherlands - 47%. The largest shortfall is observed in Germany and the Netherlands, where the difference is 28 percentage points from the norm. According to Bloomberg's calculations, the required volume of gas costs over 7 billion euros. Analysts predict that with low reserves and high demand in winter, gas prices could exceed 100 euros per MWh. A cold winter will increase demand, and competition for liquefied gas may arise from purchases in Asia. Low reserves could lead to rising inflation, with estimates from Oxford Economics suggesting it could increase by more than 6%. In January, the EU's ban on Russian LNG, which covered about 5% of the bloc's needs, will come into effect. The depletion of gas reserves poses a threat of a new surge in inflation in the region.

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