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Netherlands to Miss 115 TWh Gas Storage Target Ahead of Winter, Gasunie Says

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The Netherlands will fall short of its target to fill gas storage facilities to 115 terawatt-hours ahead of the coming winter, Gasunie, the Dutch state-owned energy infrastructure company responsible for gas transmission, storage and related energy infrastructure, said in a statement on Wednesday.

The 115 TWh target was proposed by Gasunie Transport Services, based on the volume of gas deemed necessary to cope with the harshest winter in the Netherlands over the past 30 years.

"However, this does not automatically mean that there will be insufficient gas available for the coming winter or that security of supply is at risk," Gasunie said.

The shortfall does mean the Netherlands would be insufficiently prepared, without additional policy measures, for a repeat of one of the country's most severe winters, it added.

Gasunie said it has repeatedly raised concerns with the Ministry of Climate and Green Growth about the slow rate at which Dutch gas storage facilities are being filled, despite state-owned energy company EBN properly carrying out its role as the country's filling agent.

Commercial gas market participants have little incentive to fill storage during the summer for sale in winter under current market conditions, Gasunie said, making it difficult to reach the target through market forces alone.

Gas Infrastructure Europe put Dutch inventories just short of 45% of capacity on Wednesday.

The situation comes against a backdrop of a significantly changed geopolitical and gas market environment over the past year. Gasunie said it is assessing how to maintain the resilience of Dutch gas supplies while avoiding unnecessary pressure on the gas market and, in turn, gas prices.

At more than 68 euros per megawatt-hour, Dutch futures prices are around double what they were a year ago due mainly to the conflict in the Middle East.

Gasunie said it continues to monitor gas supply and storage levels and is keeping the ministry informed.

The decision on whether to introduce additional measures rests with the climate minister, based on Gasunie's advice and developments in the gas market, the company said.

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