According to the IEA, Europe may have a gas shortage in 2023.
The International Energy Agency (IEA) issued a warning on Thursday that Europe could experience a shortage of up to 30 billion cubic meters (bcm) of natural gas during the crucial summer time for filling its gas storage sites in 2023.
Paris, France | BAZZUP | The International Energy Agency (IEA) issued a warning on Thursday that Europe could experience a shortage of up to 30 billion cubic meters (bcm) of natural gas during the crucial summer time for filling its gas storage sites in 2023.
According to the IEA, governments must act quickly to cut gas use amid the global energy crisis in order to “avoid the prospect of a natural gas shortfall next year.”
According to the IEA, gas storage facilities in the European Union (EU) are currently 95% full. However, it cautioned that too positive predictions about the future should be avoided due to the cushion offered by present storage levels, as well as recent decreased gas prices and exceptionally mild temperatures.
The IEA claims that this year’s filling of the European Union’s gas storage facilities benefited from important circumstances that may not exist in 2023.
In the event of a complete cessation of Russian pipeline gas exports to the EU, Europe “may face a challenging supply-demand mismatch,” the IEA stated.
It is “very doubtful that Russia will send another 60 bcm” of pipeline gas for 2023.
Deliveries from Russia to Europe “may altogether cease,” the IEA warned.
We are by no means out of the woods yet, according to IEA Executive Director Fatih Birol. “With the recent mild weather and decreased gas prices, there is a danger of complacency entering into the discourse regarding Europe’s gas supplies,” he added.
