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Voxpress:

Europe, record gas reserves this winter, but consumers pay "salty" bills

2023-12-23 11:31:44Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Europe, record gas reserves this winter, but consumers pay "salty"

This year there is no shortage of gas to cope with the winter in European countries, but consumers will face much higher bills compared to a year ago.

A crisis situation was averted last winter after a scramble to find new suppliers, reopen old storage facilities and take initiatives to reduce consumption in some energy-intensive areas as flows from Russia dried up in in the wake of its full-scale invasion of Ukraine in February 2022.

According to research published by Moody's this month, the EU had record high gas reserves of around 97.5% at the end of November 2023, meaning a very low risk of energy shortages this winter and a strong position for the season next cold.

Europe's improved energy reserves this winter are the result of effective government actions on both the supply and demand sides, and continued energy savings by households and companies, according to Moody's report, citing larger supplies of liquefied natural gas. in 2023, a higher availability of nuclear and hydropower plants and a mild winter as an improvement.

Lower consumption was also helped by the slowdown in the mainland economy, the report said. Moody's expects gas storage to be higher than previously forecast at 55% at the end of March 2024.

Energy has been one of the strongest elements in reducing inflation in recent months, as it was the main driver of the rise in consumer prices suffered immediately after the Russian invasion of Ukraine. Headline annual inflation was 2.4% in November in the eurozone, with energy showing disinflation of 11.5% year-on-year, although the rate of price increases only moderated across all other sectors.

In the UK, gas price inflation fell by 31% in the year to November, figures from the Office for National Statistics showed. Moody's found that European gas prices are well above their 2015 – 2019 average, and sees them remaining above this level until at least 2031. In 2020 and 2021, prices were below average.


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