Energy – Putin fails again as Europe’s gas storage hits 90 percent, article published in politico.eu BY GABRIEL GAVIN – Brief

The EU has met its gas storage targets more than three months ahead of schedule. But that might not mean lower prices.

The EU’s reserves of natural gas hit a historic high Thursday, filling up well in advance of the winter heating season as the bloc continues its dash away from Russian energy dependence.

That leaves the Kremlin scrambling to plug a gaping hole in its finances left by its decision to cut off European customers in the wake of its full-scale invasion of Ukraine last year.

But less Russian gas also opens the EU to the bigger price fluctuations of the global market for liquefied natural gas (LNG).

Gas Infrastructure Europe said Thursday that member countries’ gas stores are now at 90.12 percent capacity — breezing past the 90 percent filling target that Brussels is legally required to meet by November.

“Today’s confirmation that we have met our gas storage requirements so far ahead of schedule underlines that the EU is well-prepared for winter and this will help to further stabilize markets in the coming months,” the bloc’s Energy Commissioner Kadri Simson told POLITICO.

“The EU energy market is in a much more stable position than it was this time last year,” she added, while acknowledging “we have seen in recent weeks that the gas market remains sensitive” and that the Commission will continue to monitor it as the Continent heads toward chillier weather.

The news underlines the EU’s success in shedding its dependence on Russian pipeline gas, which before the war supplied about 40 percent of the bloc’s demand.

Moscow steadily cut off its EU customers, slashing and then ultimately cutting off deliveries through its Yamal-Europe and Nord Stream pipelines, while also reducing the volumes reaching the EU via Ukraine….You can read the full article by going to: https://www.politico.eu/article/eu-russia-gas-winter-energy-nord-stream-pipeline-ukraine-war/