The European Union (EU) has achieved its objective of filling its natural gas storage facilities to 90% capacity ahead of the scheduled 1 November deadline, according to an announcement made. The EU regards natural gas storage as a crucial factor in maintaining energy security within the region. EU Commissioner for Energy, Kadri Simson, emphasized that the bloc is "well-prepared" for the upcoming winter season.

Gas Infrastructure Europe reported that storage levels have reached 1024 TWh, which constitutes 90.12% of the storage capacity, equivalent to slightly over 93 billion cubic meters (bcm) of natural gas. The EU has been diligently working to fill its gas storage facilities throughout the summer, with the intention of utilizing these supplies during the winter months.

Kadri Simson commented on the achievement, stating that the confirmation of meeting gas storage requirements well ahead of schedule underscores the EU's readiness for the winter season. This accomplishment is expected to contribute to market stability in the months to come. She mentioned that the EU will continue monitoring the situation to ensure that storage levels remain sufficiently high as the next winter approaches. She also highlighted the potential to enhance the EU's position through investments in renewable energy and energy efficiency.

The EU has placed significant emphasis on natural gas storage following Russia's invasion of Ukraine and the subsequent impacts on global energy supply chains. The bloc has set a target to eliminate all imports of Russian fossil fuels by 2027, aiming to limit the Kremlin's ability to finance the ongoing conflict. Notably, Russian gas constituted 23.6% of the EU's imports in the first 32 weeks of 2022 and 8.4% in 2023. The EU has taken steps to shift to alternative suppliers and reduce demand in response to these developments.

Simson acknowledged the recent sensitivity of the gas market and emphasized that the EU energy market is now in a much more stable position compared to the same period in the previous year. Typically, Europe's gas storage facilities reach their current levels in October, which further supports the EU's proactive approach to ensuring energy security ahead of the winter season.