{
  "id": 4113327,
  "title": "‘Winter panic’: EU gas stores at their lowest level in 13 years",
  "url": "https://urgent.news/2026/08/29/winter-panic-eu-gas-stores-at-their-lowest-level-in-13-years",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-29T05:00:19.000Z",
  "source": {
    "name": "Guardian Business",
    "slug": "guardian-business",
    "url": "https://www.theguardian.com/business/2026/aug/29/european-gas-stores-lowest-13-years-eu-price"
  },
  "original_language": "en",
  "account": "Europe is projected to enter the colder months with gas reserves at their lowest in 13 years, leading to apprehension among energy traders. The EU's gas stocks reached 63% capacity in late August, significantly below the usual 80% mark for this time of year. Greg Molnar, a gas analyst and professor, explained that low storage levels raise the possibility of heightened winter price volatility, which could worsen due to cold spells or slower wind patterns increasing gas consumption. The UK, a significant European gas consumer, is particularly vulnerable due to limited domestic storage capacity and heavy reliance on imports through pipelines from Europe and tankers from the US and Middle East. Centrica's CEO, Chris O'Shea, noted that the UK has \"almost no gas in storage\" for the upcoming winter. The EU's gas levels have lagged behind a target of 80% full by winter, mainly due to disruptions in Gulf oil and gas exports following the US-Israel conflict with Iran, as well as higher-than-average gas power generation during this summer's heatwaves. Despite relatively stable prices this summer, the European gas market is now experiencing \"winter panic\" as traders anticipate higher prices. Gas prices have surged to three-year highs above €68 per megawatt-hour, more than double the price at the beginning of the year. Such price increases are driven by expectations that EU traders will have to compete with Asian buyers for liquefied natural gas supplies. Without resuming Middle Eastern gas exports, Europe's benchmark price could need to exceed €100/MWh to attract enough shipments for winter demand, according to Goldman Sachs analysts. Storage shortages are most pronounced in western Europe, where levels are far below those in countries like Italy and Poland, which have filled their gas stores to over 80% capacity. Germany, with the largest gas storage capacity in Europe, has facilities at about half capacity, while Belgium and the Netherlands have 51% and 45% storage levels, respectively. The UK's dependence on global gas imports is set to intensify as UK North Sea gas production declines and Norwegian output decreases after 2030. The government is contemplating direct financial assistance to support domestic gas infrastructure, including storage facilities and pipeline operators, to ensure adequate supplies as homes and businesses face the risk of running out of gas within a decade, even with the expansion of clean energy sources. Ofgem, the UK energy regulator, recently announced that typical gas and electricity bills will increase by 4% from October to account for global market price rises stemming from the Iran conflict.",
  "summary": "As one of Europe’s biggest consumers of gas the UK may be particularly exposed to heightened price volatility Europe is on course to enter the cooler months with gas stores at their lowest level in 13 years, which has triggered “winter panic” among energy traders, experts have warned. The EU’s gas stocks were 63% full in the last week of August, well below the 80% average for late August over…",
  "key_points": [
    "EU gas stores at 63% capacity, lowest in 13 years",
    "UK particularly vulnerable with limited domestic storage",
    "Gas prices surge to three-year highs above €68/MWh"
  ],
  "editors_take": "Low EU gas reserves heading into winter heighten the risk of price volatility, particularly in the UK, which has almost no stored gas and relies heavily on imports, setting up a challenging winter for consumers.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}