EU gas usage hit all-time record on Christmas Day – Gazprom

The EU withdrew a record quantity of gas from underground storage facilities on Christmas Day, Gazprom has reported, warning that low reserves mean supplies could prematurely run out.

As of December 25, Europe had 66.3 billion cubic meters (bcm) of gas in storage, down 9.9 bcm year-on-year, the company said in a Telegram post on Saturday, citing calculations based on Gas Infrastructure Europe (GIE) data. Withdrawals this season are proceeding faster than during the previous heating period, it noted. Despite the holiday lull, when demand typically eases, withdrawals on December 24 and 25 were the highest ever recorded for those dates.

German storage sites were at only 59.8% of capacity by Christmas Day, a level reached only at the end of January last season. In the Netherlands, reserves fell to 52.5%. The two countries are Europe’s first- and third-largest consumers by storage capacity.

Gazprom described the situation in the Baltics as particularly “challenging.” Latvia’s Incukalns facility, the region’s only underground gas storage site, was at just 49.5% of capacity as of December 25.

Last season, such levels were seen only in mid-February. With two winter months still ahead, withdrawals could continue well into spring – as they did until mid-April last year – raising the risk that stocks may be exhausted before the heating season ends, the company said.

“Insufficient gas reserves in underground gas storage facilities could pose a serious challenge to reliably supplying gas to consumers,” Gazprom warned.

The EU has sharply cut imports of Russian energy, which once accounted for about 40% of its consumption, since it imposed sanctions on Moscow following the escalation of the Ukraine conflict in February 2022. Under the EU’s RePower plan, Brussels now aims to eliminate Russian energy imports altogether by 2028, but the push has met with resistance from some of the bloc’s members. Hungary has warned that the plan will inflict economic damage and lead to higher prices, Slovakia and Austria are seeking exemptions or delays, and industry groups complain that the move will drive up costs and undermine competitiveness.

Moscow has slammed the sanctions as self-inflicted economic harm, pointing to years of price spikes and arguing the EU is sacrificing affordable energy for political reasons. Russian officials warn that, even if direct imports end, the bloc will be forced to rely on costlier alternatives or indirect supplies via intermediaries.