The EU risks a difficult winter/ Gas reserves could be insufficient, and prices could rise

The European Union risks entering the winter of 2026–2027 with insufficient gas reserves, amid tensions in the Middle East, global competition for liquefied natural gas and reduced imports from Russia. European storage facilities are just over 70% full, the lowest level for this time of year since data collection began in 2011.

A report by the Institute for Energy Economics and Financial Analysis estimates that the EU could need up to 14 billion additional cubic metres, equivalent to approximately 7% of the bloc’s demand. Separately, ENTSO-G warns that, in an unfavorable scenario, stocks could fall to as low as 11%.

A cold winter, limited LNG imports and reduced deliveries from Russia could drive up prices and force countries to purchase additional gas or limit consumption. The necessary imports could cost around three billion euros more than last year. The risks affect household bills, industrial costs and Europe’s ability to replenish its reserves for the following season.