MNI BRIEF: Talks On France Budget Promising - EU Gentiloni

MNI INTERVIEW2: ECB Should Keep Trimming Balance Sheet-Kazaks

RPT-MNI POLICY: Cracks On MPC But Gradualism Holds

RPT-MNI INTERVIEW: Banxico To Continue Easing Through 25-Tapia

MNI BRIEF: Fed's Goolsbee Sees Rates 'A Fair Bit Lower'

MNI NBP WATCH: Rates Held As Energy, Wages Push Up Prices

MNI: EUROZONE AUG RETAIL SALES +0.2% M/M, +0.8% Y/Y

MNI: GERMANY AUG FACTORY ORDERS -5.8% M/M

MNI BOJ: 2 OUT OF 9 JAPAN REGIONS UP ECON VIEW FROM JULY

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NATGAS: Europe Has Made Good Progress to Prepare for Winter Gas Demand: EC

NATGAS
Energy BulletsBulletPower BulletsCommodities

Europe has made "good" progress to be prepared for peak winter demand despite the expected expiry of the gas transit agreement between Ukraine and Russia at year end, the EC's deputy director-general for energy told S&P Global.

  • "The situation is as good as it has been in previous years," said Matthew Baldwin,
  • "Since the crisis in 2022, we're working extremely hard to ensure that we are delivering gas security in Europe," Baldwin said.
  • "We are using storage where we set this obligation to have a minimum of 90% fill rate each year," he said. "And that is a very important source of assurance and insurance to the gas market in Europe that we covered."
  • "We've also taken measures to reduce our demand, 18% on average across the board,” he added and with record amounts of renewables into the power system.
  • "We've had extraordinary new amounts of LNG coming in from the United States. Norway is now our predominant pipeline supplier," he said.
  • The next commission will decide whether to maintain the market intervention measures including a gas price cap, joint purchasing, demand reduction targets and storage obligations.
182 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Europe has made "good" progress to be prepared for peak winter demand despite the expected expiry of the gas transit agreement between Ukraine and Russia at year end, the EC's deputy director-general for energy told S&P Global.

  • "The situation is as good as it has been in previous years," said Matthew Baldwin,
  • "Since the crisis in 2022, we're working extremely hard to ensure that we are delivering gas security in Europe," Baldwin said.
  • "We are using storage where we set this obligation to have a minimum of 90% fill rate each year," he said. "And that is a very important source of assurance and insurance to the gas market in Europe that we covered."
  • "We've also taken measures to reduce our demand, 18% on average across the board,” he added and with record amounts of renewables into the power system.
  • "We've had extraordinary new amounts of LNG coming in from the United States. Norway is now our predominant pipeline supplier," he said.
  • The next commission will decide whether to maintain the market intervention measures including a gas price cap, joint purchasing, demand reduction targets and storage obligations.