Pure fuel storage services within the European Union area had been stocked to over 58 p.c of capability as of March 31, when the winter heating season ended, EU Power Commissioner Kadri Simson has mentioned.
“That is the best degree on report at the moment of 12 months”, Kadri mentioned in a latest assertion by the European Fee.
“These excessive storage ranges are a results of our profitable diversification of power provides, the efforts of residents and companies to cut back fuel demand, and our investments in renewable power – the three pillars of our REPowerEU Plan”.
REPowerEU was launched Might 18, 2022, outlining methods towards independence from Russian fossil fuels, within the aftermath of Russia’s invasion of Ukraine February 2022.
The Fee famous within the assertion that the share of Russia in Europe’s fuel imports fell from 45 p.c in 2021 to 24 p.c in 2022 and 15 p.c in 2023.
Moreover, “Europeans have decreased their fuel demand by virtually 20 p.c, which has allowed us to avoid wasting greater than 107 bcm [billion cubic meters] of fuel within the final 18 months”, mentioned the Fee.
In the meantime renewables changed the equal of 24 Bcm (847.6 billion cubic ft) of Russian fuel in Europe’s power combine in 2022 and 2023, the Fee added.
Outdoors the EU area, the 27-member bloc has additionally saved two Bcm (70.6 Bcf) of fuel in Ukraine, the Fee mentioned.
“This excessive degree of fuel storage places the EU nicely on observe to fulfill the 90 p.c goal on 1st of November 2024, and to enter winter 2024/2025 nicely ready”, it added. “This may even ease the strain on fuel costs throughout the storage filling season”.
On June 19, 2022, the EU handed a regulation mandating the area’s fuel storage services be crammed to no less than 90 p.c of capability by the beginning of November every year. This was in response to surges in power costs that adopted Russia’s invasion of Ukraine. For the previous winter, the minimal was achieved some two months forward of the deadline, based on a press launch by the Fee August 18, 2023.
On November 20, 2023, the EU handed a regulation setting middleman minimal filling ranges for member states’ underground fuel storage services in 2024 towards the annual regional goal of no less than 90 p.c by November.
In line with the regulation, by February 1 stockpiles within the 27 international locations ought to sum as much as a union minimal common of 45 p.c of capability. The identical degree has been set for Might 1.
“The intermediate targets of 1 February and 1 Might 2024 are necessary targets for the safety of provide throughout the coming fuel 12 months”, acknowledged the official textual content of the regulation.
“Setting the February goal to a Union minimal common of 45 p.c goals to strengthen safety of fuel provide by making certain excessive deliverability from the storages in December 2023 and January 2024 when fuel demand is excessive, whereas avoiding storage depletion in February and March 2024”, the regulation defined. “Specifically, flexibility ought to be supplied within the early winter months in case of a winter that’s colder than the common”.
The regulation added, “The middleman goal of 45 p.c EU storage degree on 1 Might 2024 is justified to facilitate storage refilling within the occasion of upper demand and/or decreased provide throughout summer time 2024 and if not reached may pose a critical threat of not assembly the 90 p.c storage goal of 1 November 2024”.
Within the latest assertion about EU fuel storage ranges, the Fee mentioned, “The excessive degree of fuel storage in Europe signifies that markets are more and more secure, costs are again round pre-war ranges, and Europe can begin refilling with confidence for subsequent winter’s heating season”.
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