Page 111 - RusRPTFeb24

Following the Russian invasion of Ukraine and the slashed Russian deliveries of gas, Europe has turned to LNG and increased pipeline supply from Norway and Africa to meet its demand.
Reserves of gas in European underground gas storage (UGS) facilities have declined below 77.5% as of January 19 amid a cold snap.
Liquefied natural gas (LNG) supplies to the region rose slightly as temperatures declined. Meanwhile Gazprom supplies gas for Europe through Ukraine in the volume of 42.4mn cubic meters per day via the Sudzha gas pumping station.
The heating season in Europe started on November 7, 2023, with EU countries having withdrawn around 27.5bn cubic meters of gas from UGS facilities since then. European UGS facilities currently have 85.4bn cubic meters of gas stored in them.
LNG supplies from terminals to Europe’s gas transport system have decreased in January compared with December. Facilities for regasification of liquefied gas and its further pumping into Europe’s pipelines are loaded by half of their capacity now.
The EU plans to abandon the transit of Russian gas through Ukraine after the end of the current contract. EU executives argue that even the countries that are most dependent on Russian supplies, including Austria and Slovakia, can find alternative sources in the event of a supply cut. Covering the deficit through the Turkish Stream and the supply of Russian gas to the border with Ukraine, from where it could go to Austria, Slovakia, and the Czech Republic as part of a new agreement with Kyiv, is under consideration.
In January, Ukraine denied that it was ready to revise the transit agreement with Russia. Europe still receives Russian gas through Ukraine and Turkey. For example, Austria gets more than half of its gas from the Russian Federation.
The route through Ukraine, as before, remains a key transit route, even though the actual volume of transit through the gas pipeline was less than 40% of the agreed-upon volume. It is noted that even without a new agreement, Gazprom might continue supplying the EU, booking short-term contracts using Ukrainian gas pipeline capacities through auctions.
The EU overpaid for gas due to its own sanctions against Russia – €185 billion. The US, the UK and Norway profited the most from the situation.
111 RUSSIA Country Report February 2024 www.intellinews.com