Europe has emerged stronger and with greater energy security after its second winter since the Russian invasion of Ukraine. Gas tanks are 58% fullThanks to the diversification of energy supply, reducing gas demand and investing in renewable energy. Gas prices have returned to pre-war levels and Europe prepares for the next heating season with confidence. The EU remains committed to ensuring energy securitylower prices and move towards clean energy.
“Europe is emerging from its second winter since the illegal invasion of Ukraine for Russia. Despite many fears, we have come out stronger than beforewith greater energy security and solidarity and a cleaner energy mix.
On March 31, when the winter heating season ended, our gas tanks were more than 58% full. It is the highest level recorded at this time of year.
These high levels of storage are the result of our successful diversification of supply energy, the efforts of citizens and companies to reduce the demand for gas and our investments in renewable energy, the three pillars of our REPowerEU Plan.
The high level of gas storage in Europe means that markets are becoming more stableprices are back around pre-war levels and Europe can confidently start refueling for next winter’s heating season.
While we can be proud of how the EU has managed the energy crisis so far, there is no room for complacency. We must continue to support our citizens and industry, as well as our Ukrainian friends. Guarantee energy security and competitiveness in Europe, lower prices and advance the transition towards clean energy They remain top priorities.
Background
In response to the Russian invasion of Ukraine, the European Commission proposed the REPowerEU Plan in March 2022, to end Europe’s dependence on Russian fossil fuels. EU leaders unanimously agreed on the need for a detailed plan, which was presented by the Commission in May 2022. Several legislative measures were adopted throughout 2022 in the field of energy, which have been implemented together with our Member States, citizens and industry, as well as with reliable international partners.
The Share of European imports of Russian gas reduced from 45% in 2021 to 24% in 2022, and to 15% in 2023. This downward trend must continue.
Europeans have reduced their demand for gas by almost 20%,
Europeans have reduced their demand for gas by almost 20%, which has allowed us to save more than 107 bcm of gas in the last 18 months.
The increase in the share of renewables in the energy mix has allowed us to replace the equivalent of 24 bcm of Russian gas in 2022 and 2023. And Electricity sector emissions reduced by an impressive 24% in 2023, while our economy also continued to grow.
Among the measures proposed by the Commission was the objective for Member States to fill gas tanks to 90% of their capacity by November 1 of each year. With EU gas tanks more than 58% full as of April 1, we enter the injection season with the highest storage level on record.
EU gas supplies have seen a rapid readjustment since Russia’s illegal invasion of Ukraine, as seen here in the 2021-2023 import data:
The share of renewable energy has continued to increase during the crisis, in line with the REPowerEU objectives. New installed renewable energy capacity in 2022 and 2023 replaced the equivalent of 24 bcm of Russian gas with European renewable electricity. Thanks to this increase in the share of renewable capacity and the recovery of nuclear and hydraulic generation, EU CO2 emissions linked to the electricity sector are reduced by 24% in 2023 compared to 2022.
On the demand side, in line with the coordinated reduction in gas demand agreed by the Council in August 2022, the EU reduced demand by 18% between August 2022 and January 2024 compared to the average between April 2017 and March 2022. This corresponds to a saving of more than 65 bcm of gas in 2023 alone (and 107 bcm in total over the 18-month period). On 25 March 2024, the Council formally adopted a recommendation to Member States to continue to reduce your gas consumption by at least 15% until March 31, 2025. This must be done in a way that protects EU industry so that it can benefit from lower gas and electricity prices that strengthen European competitiveness.
After reaching a maximum of more than 300 euros/MWh At the height of Russian militarization of energy supplies in August 2022, the prices gas prices have fallen to pre-war levels and have remained constantly below 30 euros/MWh since January 2024.”
