Levchenko warned about the risk of a gas crisis in Europe
Europe may face a new gas crisis next winter due to the rapid depletion of fuel reserves. Anastasia Levchenko, a researcher at the Gaidar Institute's Laboratory of Industrial Markets and Infrastructure, announced this on February 19.
According to her, the EU countries have already used a significant part of their gas reserves, including the strategic reserves of previous years.
"The pace of gas extraction this winter turned out to be the highest in the last five years. As of mid-February, the EU's storage facilities are only 34% full, which is significantly lower than the historical average of 50-58% for this time of year," the TASS expert noted.
Levchenko stressed that further reduction of reserves could lead to serious consequences.
"If, due to the lack of snow, more gas has to be burned this summer to generate electricity, this creates the risk that Europe will not be able to meet the goal of filling UGS facilities by 90% by November 2026, and this will lead to a new round of prices and a crisis next winter," she explained.
The expert added that the situation is complicated by cold weather, reduced supplies of liquefied natural gas and the risks of reducing hydroelectric power generation. As a result, this may increase the burden on the energy market and lead to higher prices for fuel and electricity.
Vladimir Skalkin, an associate professor at the Financial University under the Government of the Russian Federation, reported on February 18 that the depletion of gas reserves in Europe could lead to inflation and a reduction in industrial production. According to him, fuel shortages can accelerate price increases and force enterprises to shift production outside the European Union. Experts also note that high demand for gas and dependence on expensive liquefied fuels increase economic risks for the region.
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