New energy crisis may hit EU; Russia still wants to sell gas to Europe

Ukraine's termination of Russian gas transit to Europe and limited supplies of liquefied natural gas (LNG) have put the region at risk of facing a new energy crisis.

Mitte Combined Heat and Power natural gas power plant in Berlin, Germany. (Source: Bloomberg)

Challenging times are coming for Europe as gas reserves fall sharply due to a prolonged winter and geopolitical tensions escalate.

According to data from Gas Infrastructure Europe (GIE), in January 2025, the amount of gas withdrawn from underground gas storage facilities in Europe reached a four-year high.

The total amount of gas withdrawn from underground gas storage facilities in the European Union (EU) in January 2025 reached 21.3 billion cubic meters, 13.5% higher than the same period last year, recording the highest level since 2021.

As of January 31, gas reserves at European gas storage facilities fell to 53.59%, 6.99% lower than the average of the past five years.

In the first month of the year, the amount of gas pumped back into gas storage facilities reached only 744 million cubic meters, down 20% from last year, the lowest level since 2016.

Despite the strong increase in gas demand, LNG supply to the European gas transport system decreased slightly compared to December 2024. Specifically, in January 2025, European LNG imports reached only 10.4 billion cubic meters, down 0.7% compared to the previous month and 2.5% compared to the same period last year.

Weather forecasters warn that this winter could last until mid-April 2025, keeping heating demand high.

This means that gas reserves could fall to alarming levels.

In light of this, sources from the Financial Times revealed that EU officials are discussing the possibility of resuming gas imports from Russia as part of a potential peace deal in Ukraine. This proposal is currently facing much controversy.

* Previously, at the end of January 2025, Kremlin spokesman Dmitry Peskov stated that Russia's gas supply to Europe is commercial in nature and Moscow wants to continue this activity.

According to the Kremlin, Russia wants to continue commercial gas supplies to Europe and will closely monitor the situation related to Hungary's proposal of certain conditions for extending sanctions against Moscow.

Source: https://baoquocte.vn/cuoc-khung-hoang-nang-luong-moi-co-the-se-cap-ben-eu-nga-van-muon-ban-khi-dot-cho-chau-au-303099.html