Europe’s energy crunch

Gas prices are closing in on €100 per megawatt-hour – up 400% since the start of the year – while Europe’s gas stockpiles are at their lowest level in a decade, and wind generation is down by a third


Europe’s natural gas inventory (billion cubic metres)

2020	2021
Five-year range (2016-20)

Apr 2021: Cold spell leads to rapid drawdowns of natural gas inventories in Europe

Apr-Oct: Europe enters “injection season” 11% below five-year average

Weather conditions: Wind generation falls by 32% over last 6 months

						100
						80
						60
						40
						20
						0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


Oct 2021: Europe’s gas storage stands at 829.99 terawatt-hours or 75% of capacity, compared to 94% at this time last year

Coal: Plan for coal-free Europe by 2030 drives up need for gas

Russia: Limiting delivery of natural gas to Europe to push approval of Nord Stream 2 pipeline.
2000: 40% of EU gas imports are from Russia


Gas storage (terawatt-hours, change on 2020)
Italy 169.72 Down 14.7% 
Germany 157.76 31.5% 
Netherlands 84.01 41.6% 
Austria 51.58 46.0%
 
    
Sources: Aggregated Gas Storage Inventory, Energy Information Administration 
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