EU Gas Storage at Only 75%, 2026 Refill Cost Estimated at €27 Billion

en.Wedoany.com Reported - On October 27, the European Union Agency for the Cooperation of Energy Regulators (ACER) released the "European Gas Wholesale Market Monitoring Report for Summer 2026," confirming that as of October 21, the fill rate of EU underground gas storage facilities stood at 75%, below the average level for the same period over the past nine years. The agency estimates that the upper limit of gas refill costs for 2026 is approximately €27 billion, with the average cost of gas injected into storage reaching the second-highest level of the past decade.

At the end of the 2025–2026 winter, the fill rate of EU underground gas storage facilities dropped to 28%, lower than 34% in the same period of the previous year and below the nine-year average of approximately 40%. In summer 2026, higher LNG import prices and insufficient willingness among companies to inject gas led to slow inventory recovery. The report estimates that net gas injections during the summer amounted to approximately 43 billion cubic meters, below the ten-year average of about 47 billion cubic meters.

In terms of supply structure, U.S. LNG accounted for approximately 30% of the EU's total gas supply, while Russian pipeline gas and LNG combined accounted for approximately 11%. In summer 2026, the EU's total LNG imports fell by 14%, Russian LNG imports decreased by 2% year-on-year, pipeline gas imports dropped by 3%, and LNG supply from Qatar was essentially interrupted during the same period.

Regarding gas prices, in mid-October prices at European spot trading hubs were close to €90 per megawatt-hour. ACER estimates that gas supply disruptions caused by the Middle East conflict increased Europe's procurement expenditure by approximately €18 billion to €33 billion for the same volume of imports. This estimate uses a different calculation basis from the €27 billion in gas storage refill costs.

In summer 2026, Europe's gas-fired power generation increased by nearly 9% year-on-year, including a 20% year-on-year increase in August. ACER noted that high temperatures, drought, and lower river levels affected output from some nuclear and hydropower facilities, increasing demand for gas-fired generation. Entering the 2026–2027 winter, EU gas imports will continue to be affected by changes in LNG supply, and ACER expects additional import demand to be met primarily by U.S. suppliers.