European storage facilities are full this winter, and storing gas in tankers at sea is expensive.
European traders will earn about $320 million by storing gas in underground gas storage facilities in Ukraine. The Economist reported it.
It was noted that storage facilities in Europe are full this winter, and storing gas in tankers at sea will be expensive.
As the publication wrote, the decision of European traders was unconventional: they sent 3 billion cubic meters of gas to the east – to Ukraine. This has helped to maintain EU supplies this winter, lowering gas prices across the continent. It also generated huge profits for the companies involved.
Columbia University’s Akos Losh estimates that traders make up to 300 million euros ($320 million) from it.
The publication notes that this case looks like a test for Europe’s future energy strategy. Even as Europe’s energy problems ease, affordable storage services provide protection against future disruptions.
Let’s remember that in October of last year, the total reserves of natural gas in European countries reached their absolute maximum in the history of observations.
As reported, spot gas prices in Europe reached their lowest level since August last year.
Source: korrespondent
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