Europe's gas infrastructure is entering the winter of 2026/27 with gas storage at a historically low level. According to a report published by Gas Infrastructure Europe (GIE), underground gas storage in Europe reached 72% of its capacity as of October 1, 2023, equivalent to about 74 billion cubic meters (bcm). This amount is approximately 11% lower than the storage level at the same time last year.
Impact of Storage on Gas Consumption in Winter
Gas storage in the winter of 2025/26 covers about 26% of the European Union's gas consumption, highlighting the critical role of this storage in maintaining the balance of Europe's gas system throughout the winter. However, GIE emphasizes that if the winter is colder or if there are restrictions on LNG access, pressure on the gas system will increase.
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Lucie Boost, Secretary General of GIE, noted in this regard: "Europe is entering this winter with resilient and highly interconnected gas infrastructure, but with lower storage and limited margin for error. If we face a cold winter and LNG supply is under pressure, the strain on the system will increase rapidly."
The Importance of LNG in Europe's Gas Supply
LNG is expected to remain one of the main sources of gas supply this winter, accounting for nearly 40% of total gas supply in an optimal LNG scenario. Norway accounts for about 27% of Europe's gas supply. Additionally, Europe has a regasification capacity of about 1,600 TWh per winter season, equivalent to about 145 bcm, which diversifies supply sources and provides Europe access to global gas markets.
However, the mere availability of regasification capacity cannot guarantee that the required volumes will be accessible. Europe remains dependent on developments in the global LNG market and competition for cargoes. This is where the ability to draw gas from storage becomes particularly important.
In challenging LNG supply conditions, it is estimated that storage could drop to 13% by the end of March 2027. Maintaining a storage level of 30% by the end of winter requires the supply of about 1,060 TWh, or 96 bcm, of LNG throughout the winter.
Strong LNG deliveries throughout the season will be crucial to meet demand and maintain storage inventory, especially during times when the system is under greater pressure. Lucie Boost stated in this regard: "It's not just about how much gas Europe has, but also about the availability of that gas, at the time and place it is needed."
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