IEA asks Europe for urgent measures to avoid gas shortages

The International Energy Agency (IEA) has warned Europe to take urgent action to avoid gas shortages next year. The results of the analysis for Europe’s gas balance prepared for the years 2023-24 were included in the statement made by the IEA.

In the analysis, which emphasized the importance of governments taking urgent action to reduce gas consumption despite the global energy crisis, it was stated that gas storage areas in the European Union (EU) are currently full by a 95 percent, 5 percent above. the five-year average fill level.

However, the analysis cautions that the protection provided by current storage levels, as well as the recent drop in gas prices and unusually mild temperatures, should not lead to overly optimistic conclusions about the future.

The IEA also warned that the process of filling EU landfill gas this year is driven by key factors that cannot be replicated in 2023.

DELIVERY OF GAS FROM RUSSIA TO EUROPE MAY BE STOPPED COMPLETELY

These included Russian pipeline gas deliveries that were close to “normal” levels for most of the first half of the year, although they are down sharply this year, but Russia is unlikely to deliver another 60 billion cubic meters of gas by pipeline in 2023. Deliveries from Russia to Europe may stop completely.

In the analysis, it was stated that lower imports of liquefied natural gas (LNG) from China in the ten months of this year created an opportunity for Europe to compensate for the drop in gas deliveries from Russia, adding: “If in the LNG imports return to 2021 levels, new IEA analysis shows Europe could face a stark supply-demand gap of 30bn cubic meters in the summer of 2023, a key period in refueling for gas storage.

‘EUROPE SHOULD NOT LAUGH AT GAS SUPPLY’

IEA President Fatih Birol, whose views are included in the statement, noted that there is a danger of complacency at the point of gas supply discussions in Europe with mild weather and low gas prices. recently, saying: “The latest trends and possible developments in the European and global gas markets show that it faces an even greater challenge during the winter.”

Following the EU’s 10-point Plan to reduce dependence on Russian gas, published in March, the IEA is preparing to present a plan to secure Europe’s gas balance for next winter. The plan will include concrete policy actions to ensure landfills are filled to 95 percent capacity at the start of the 2023-24 heating season and to structurally reduce gas consumption during the winter months. (AA)