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Energy crisis: Six things you need to know about the EU's gas storage

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By Jorge Liboreiro
The EU's gas storage facilities can fulfil around a quarter of its total gas consumption.
The EU's gas storage facilities can fulfil around a quarter of its total gas consumption.   -   Copyright  Jens Büttner/(c) Copyright 2022, dpa (www.dpa.de). Alle Rechte vorbehalten

The clock is ticking for the EU's gas storage.

Countries are rushing to fill their underground facilities ahead of the winter season in a bid to prevent widespread industrial paralysis and more energy poverty.

The need to store gas has become a national security priority in the wake of Russia's war in Ukraine, with the possibility of a complete suspension of Russian flows looming over the EU.

The indefinite shutdown of the Nord Stream 1 pipeline has only raised fears of an imminent worst-case scenario, driving prices further up.

Governments are now going on a shopping spree to stock as much gas as possible, both through pipelines and liquefied imports. Under a new EU regulation, all member states are compelled to fill their gas storage capacity by 80% by 1 November, a mark already reached on average but not individually.

These extra supplies of gas being pumped underground play an essential role during winter when consumers turn on their heating. Storage can help cushion the impact of this strong demand and mitigate potential supply disruptions and price shocks.

Watch the video above to learn more about the EU's gas storage.