Exactly one month after the start of the storage season, Italy is close to 50% full of gas deposits, significantly exceeding the European average and confirming itself among the most virtuous countries on the continent. An even more significant result because it was obtained in a context of sharply rising prices, with Amsterdam’s TTF closing the week at 45.76 euros per MWh, the highest since April 14th.
The European framework
Data from Gas Infrastructure Europe (GIE) portrays a two-speed scenario within the European Union. Italy has 101.6 TWh in storage, equivalent to almost 50% of national capacity. The other main European countries are still far from these levels, especially if we consider those with the greatest overall storage capacity.
| Village | Gas in storage (TWh) | Filling (%) |
|---|---|---|
| Italy | 101.6486 | 49.87 |
| Germany | 63.6929 | 25.71 |
| France | 40.0686 | 32.35 |
| Austria | 38.8305 | 38.72 |
| Hungary | 23.8536 | 35.08 |
| Spain | 22.8796 | 63.85 |
| Netherlands | 14.3759 | 10.00 |
| Czech Republic | 13.5609 | 29.93 |
| Poland | 16.1299 | 43.77 |
| Romania | 9.5256 | 28.13 |
It should be underlined that Portugal, Spain and Poland, although with high percentages, have storage capacities that are significantly lower than Italy’s. The ranking of the storage percentage of European countries is as follows:
- Portugal: 91.26%
- Spain: 63.85%
- Italy: 49.87%
- Poland: 43.77%
- Denmark: 39.56%
- Austria: 38.72%
- Hungary: 35.08%
- France: 32.35%
- Czech Republic: 29.93%
- Romania: 28.13%
Italy is growing and going against the current
The most striking data is the comparison with May 2025. Italy is the only European country to have stocks higher than those of twelve months ago: then the national deposits had 96.7 TWh, today we are at 101.6 TWh. A sign of countertrend compared to the rest of Europe, where the situation has worsened significantly: the EU has fallen from 446.37 TWh to 370.7 TWh, while Germany has seen its reserves drop from over 81 TWh to the current 63.7 TWh.
This gap reflects different strategic choices in response to geopolitical tensions and volatile energy prices. As declared by Minister Urso on the sidelines of a recent European Council, Italy has today become:
a natural gas transit hub and storage also stands at high levels above 50%, the highest in the EU.
The storage premium
Price volatility remains the main obstacle to the filling campaign. Ttf gas closed the week in Amsterdam at 45.76 euros per MWh, the highest level since April 14th. To support injections even in a market context characterized by high prices, Arera has introduced the so-called “stock premium”. This is a tool that compensates operators by taking into account the financial costs linked to the immobilization of the gas and the price differential between contracts with winter delivery and those stipulated during the injection period.
In essence, those who store gas even when prices are higher are remunerated for the risk assumed, thus guaranteeing the continuity of filling operations regardless of market fluctuations.
On the operational front, on 23 April Snam announced the closure of the auctions for the assignment of storage capacity, announcing that it had reached the target of 90% filling by 31 October 2026, the last day of the storage season. The assigned capacity amounts to 17.5 billion cubic meters, out of a total national capacity of just over 19 billion.
