Europe increases gas storing occupancy rates to 60pct| MENAFN.COM

Thursday, 18 August 2022 05:26 GMT

Europe increases gas storing occupancy rates to 60pct

(MENAFN) As shown by Gas Storage Europe's Aggregated Gas Storage Inventory (AGSI+) the occupancy rate in Europe's natural gas storing services stood at 60 percent as of the end of June compared to 28 percent at the end of winter.

Because of the energy catastrophe in Europe rising from the Ukraine-Russia conflict, the continent, which is heavily reliant on on Russian gas provisions, has accepted to expand its resources and fill up its gas storage ahead of the winter months.

AGSI+ presented that at the end of February, the entire storage possession rate was 28 percent and this decreased to 26 percent at the end of March. This rate surged to 33 percent at the end of April, 47 percent at the end of May and 60 percent at the end of June.

European Union (EU) institutions reached a consensus on May 19 on legislation to make it mandatory to fill more than 80 percent of underground natural gas storages in member nations by next winter.


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