Prices are surging but there is no need to panic over gas shortages
EU countries are unlikely to face gas shortages despite historically low storage levels and a surge in prices, officials and analysts say.
On Thursday, Europe’s benchmark gas price, the Dutch TTF index, hit €65 per megawatt-hour – a multi-year high. The rally comes amid growing concerns over Germany’s underground gas storage facilities, the biggest in Europe, which are just 50% full.
“By far the lowest level recorded at this time of year since gas storage levels began being documented,” Sebastian Heinermann, who heads industry association Ines, told German press agency dpa. “A historic low.”
Across Europe, gas storage levels stand at around 62% – 15 percentage points below the 10-year average and their lowest level for late August in two decades.
