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Europe accepts to buy natural gas at exceptionally high prices

EU has increased energy purchases, imports gas natural at a high price because of urgent need. The storage facilities need to be filled up before winter arrives or Russia will shut off the gas valves because the importing countries refuse to pay in rubles.

Data from Reuters shows gas reserves are filling up faster than previously expected. According to statistics, this month, the request for gas delivery from Russia to Europe has reached the highest level in the past 5 months. Imports of liquefied natural gas (LNG) are also increasing.

According to the report, at the beginning of May, the level of natural gas reserves in Europe was 18% lower than the five-year average compared with pre-pandemic levels. The amount of gas stored in the EU and UK has increased to 380 terawatt hours (TWh). According to analysts, at this rate, gas in storage could reach 904 TWh by October 1 when the cold season begins.

The EU is committed to cutting Russia’s gas imports by two-thirds next year and eliminating dependence on the country by 2030. The effort to self-manage energy without relying on Russia comes amid demand The global market is increasing and the price of LNG is rising. Russia is the main energy supplier to the EU, supplying about 40% of the bloc’s natural gas needs.

According to the EWI researcher, if Moscow stops the flow of gas now, the EU (excluding Spain, Portugal and the UK) will need to reduce gas consumption by 459 TWh during the summer. In the event that the region manages to maintain gas inventories at 33% of total capacity, it would have to reduce consumption by as much as 790 TWh, the researcher said.

Meanwhile, there are growing concerns that if the EU buys natural gas at “an exceptionally high price”, the price it sells to consumers will not be in everyone’s pocket. Businesses and consumers across the old continent have struggled with their electricity bills and some have even warned of impending bankruptcy because of high energy costs.

Refer to RT


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