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NATGAS: Sudden Russian Gas Halt a “Massive Risk”: Austria Energy Ministry

NATGAS

A sudden halt of Russian natural gas flows is a “massive risk”, according to Austria’s Energy Ministry cited by Bloomberg, with supplies feeding Austria’s export-oriented heavy industries.

  • “As long as there is a dependency on Russian gas supplies, there is a massive risk of a corresponding supply failure with far-reaching consequences,” said Austria’s Energy Ministry. “We must end Austria’s dependency on Russian gas supplies as soon as possible.”
  • The country has pledged to end Russian gas imports by 2027 with details expected ahead of national elections on Sept. 29. 
  • A government report published in June shows Austria has enough pipeline capacity over Italy and Germany to cover more than double its annual demand and allow storage at 60% full heading into 2027. Transit capacity will rise to 212TWh annually in 2027, from about 185TWh this year. 
  • Gas in storage could fall to just 15% of capacity by 2026, according to a worst-case scenario, if Russian flows stop abruptly and supplies through Italy are not sourced.
  • Fuel consumption in Austria in H1 2024 has fallen about 23% compared with the average before Russia invaded Ukraine in February 2022.
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