European gas storage dropped to 37.5% last month

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ENERGY & UTILITIES

Natural gas reserves stored in Europe fell to 37.5% in January 2022, down from 52% in January the previous year according to new data from Gas Infrastructure Europe.

In January 2021, around 60 billion cubic metres (bcm) was stored across the continent compared with 42 bcm last month - a decrease of 37.5%.

With 10 bcm, Italy has the most natural gas stored in Europe, followed by Germany with 8.7 bcm, then France with 4.4 bcm.

The unexpectedly cold winter and the subsequent spike in energy demand has led to an increase in the use of gas reserves. This has been further compounded by a decrease in the amount of gas sent to Europe by Russia via Ukraine, as well as from a drop in production from hydroelectric plants.

Read more: EU unveils plans for new energy framework to decarbonise gas market

Experts have also predicted that ongoing tensions between Moscow and Kyiv may also cause future problems in gas supply with officials concerned that should a war break out, and sanctions slapped on Russia, the response will be to cut off Europe's gas supply.

Russia's Gazprom supplies 40% of Europe's gas - either through long-term contracts or one-off trading agreements. Experts on both sides of the Atlantic have argued that the controversial Nord Stream 2 pipeline, which despite many obstacles is now complete, is being used by Moscow to gain leverage in Europe, essentially wielding energy as a soft weapon.

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