Storing natural gas in Ukraine could potentially prevent its excess for the European Union.
EU authorities are considering the option of storing gas using Ukrainian infrastructure in preparation for the winter season. This was reported by Bloomberg on Monday, June 12.
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“The EU authorities are considering whether it is possible to use the Bilche-Volytsko-Uhersky underground storage facility (which can contain 17.05 billion cubic meters of gas – ed.) and other facilities in Ukraine, which has the largest system of underground cavities on the continent. They have you can store gas when the demand and price for it increases in the winter,” the statement said.
In particular, last week the representative of the European Commission, Tim McPhee, said that “the question is being developed whether guarantees from state institutions will help open access to gas storage facilities in Ukraine.”
The agency said gas storage facilities in EU countries are 70% full, and should be fully filled by early September. Storing gas in Ukraine will prevent its excess for the EU. At the same time, for the profitability of this project, gas prices must decrease, in addition, support from the EU authorities may be required.
“Ukraine’s storage facilities can help balance the supply and demand for gas in the second half of summer 2023, due to their close relationship with the EU gas markets,” said the energy company of German RWE AG.
However, the Swiss energy company Axpo, which previously stored gas in Ukraine, noted that the risks for Ukrainian energy infrastructure are now too great.
The agency recalls that the EU initiative in Ukraine, along with other measures, is designed to prevent a repeat of the difficult situation in 2022 with gas purchases. Then, according to some reports, the governments of the EU countries will have to allocate 646 billion to help companies and the public.
Recall that this month, gas prices in Europe fell to their lowest levels in more than two years.
And gas prices in Ukraine are falling for the eighth month in a row.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.