The International Energy Agency (IEA) has warned that European governments must not be complacent and must take measures to prevent a shortage of natural gas in the European Union (EU) that could reach 7.3 percent during 2023, according to a report published Thursday.
«With recent low gas prices and hot weather, there is a danger of complacency creeping into the conversation about Europe’s gas supply, but we are by no means out of the woods,» IEA executive director Fatih Birol stressed.
The agency has indicated that Europe could face a supply gap of up to 30 billion cubic meters of natural gas. This is equivalent to 7.3 percent of annual natural gas consumption during 2021 in the EU, according to the latest data published by the European Commission.
The IEA has stressed that European natural gas storage is at 95 percent of its capacity, which is five percentage points above the average of the last five years. But this should not lead to «optimistic conclusions» for the future, the IEA warned.
The agency has warned that this year’s storage process has benefited from «key factors» that will not be repeated in 2023, such as Russian gas deliveries, which have reached 60 billion cubic meters this year.
In addition, Europe has been able to import more liquefied natural gas (LNG) thanks to China’s low imports this year. If the Asian country regains its 2021 import levels, that would absorb 85 percent of the expected global supply capacity increase.
