Italian gas supplies are increasing. In the first weeks of April the level of Italian storage reached 44%, much higher than the European average. The EU has recommended that member states reach at least 80% capacity by October, so as to be able to face the winter even in the event of an energy crisis.
However, the moment is still unfavorable for filling the storage facilities. The price of gas is rising due to the war in the Middle East, and the collapse of talks between Iran and the US, with a new blockade of the Strait of Hormuz, has aggravated the situation.
Gas stocks are increasing in Italy and Europe
In Italy, gas storage went from 43.24% at 87 TWh to 43.61% at 88.7 TWh in the first weeks of April. The inventory build season began on the 1st of the month, at a critical time for energy markets. Gas is around 46 euros per MWh, up by almost 40% compared to a year ago. The cause is the war in the Middle East, a situation that has just worsened.
Between Saturday and Sunday the peace talks between Iran and the US, following last week’s truce, collapsed. The United States has announced a new blockade of the Strait of Hormuz, so that Iran cannot trade oil. In this way, international energy markets are back under pressure.
In Europe the storage situation is critical. On average, reserves are at 323.61 TWh, just under 29%, even if some virtuous countries, such as Germany, have already accumulated more than 50% of their available capacity. The EU has urged member countries to stock up immediately and not wait for a drop in prices that may not occur in time.
Objective 90% by October
The EU has also set a clear target for European gas supplies. By October 31st, the date on which accumulation usually ends across Europe and stocks begin to decline, 80% of European gas reserve availability will have to be filled. In this way it will be possible to guarantee both a problem-free winter for heating, even in the event of a crisis, and a possible emergency intervention.
Italy has set itself an even more ambitious goal: to fill its stocks up to 90% by October 31st. Our country is particularly vulnerable to changes in gas prices and for this reason it must ensure that it always has reserve methane available in order to alleviate price fluctuations on international markets.
How long can Italian stocks last
Italian stocks are divided into two categories:
- strategic stocks, equal to approximately a maximum of 4.6 billion standard cubic metres;
- stocks for the market, equal to approximately a maximum of 13.5 billion standard cubic metres.
Using Italy’s average gas consumption, if imports stopped suddenly and completely (a very unlikely scenario), our country would have gas for about three months. In winter, when consumption is higher, even 100% storage could not guarantee more than a month and a half of consumption. In a situation of this type, however, extreme measures would certainly be introduced to limit consumption.
Furthermore, these are not the only energy resources that Italy has in reserve. In fact, all petroleum product companies are obliged to keep at least the equivalent of 90 days of imports in storage.
