As of Sunday, November 30, the filling level of the Inčukalns underground gas storage was 55.2% (down from 58.6% a week earlier), while the average filling level of gas storage in Europe at the end of last week was 75.7% (down from 79.1% a week earlier) of total capacity. This fact alarms opposition MP Andris Kulbergs. He expressed his opinion on what the situation means when storage facilities are half empty.
"What worries me the most is that our Conexus gas storage in Inčukalns is only half full — at 58%?! This means that further storage capacity is also very limited. There are no additional supplies to the LNG terminals (perhaps there will be?), so reserves are rapidly depleting, as the storage is used by all the Baltic countries, Finland, Poland, and others. If the gas storage continues to be emptied at this rate, we won't last even three months. For now, Latvia seems to have enough gas, but we need to think about reliable energy supply right now. Who is taking care of this? Has Viktor Valainis (the Minister of Economics - ed.) thought about it?
I hope someone is indeed thinking about this, but we need assurance. A proper solution would be to instruct Latvenergo to maintain a certain volume of state reserves in the Inčukalns gas storage. Especially now, when gas exchange prices are extremely favorable — €28.2/MWh (this is the same price as in 2019, before Russia's war against Ukraine)."
The Public Utilities Commission (SPRK) explains that last week the price of natural gas on the TTF exchange fell to €28.6 per MWh, reaching its lowest level since May 2024.
According to the regulator, forecasts indicate that in Germany — the largest gas consumer in Europe — temperatures will be above normal in the next two weeks, and the expected warm start to winter continues to affect natural gas prices in Europe.
Recall that the EU regulation on gas storage adopted in 2022, which requires EU countries to fill gas storage facilities to at least 90%, provides for an exception — Latvia must fill its storage only to the level equal to 35% of the country's annual consumption by November. The Inčukalns storage significantly exceeds the volume required to cover this consumption.
Leave a comment