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Ukraine’s gas storage helps Europe avert further energy crises

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: European companies are increasingly withdrawing natural gas from Ukrainian storage facilities, enhancing Europe's energy security during the winter months 
This strategic use of Ukraine's vast gas storage capacity, the largest in Europe, is mitigating the risk of another energy crisis on the continent

🔭 The context: The reliance on Ukraine for gas storage follows the energy crisis triggered in 2022 after Russia, previously supplying nearly 40% of the EU's gas, significantly reduced its exports 
Ukraine's role as a storage hub, coupled with incentives like low tariffs and duty exemptions, is helping to keep EU storage sites robustly stocked

🌍 Why it matters for the planet: Utilizing Ukraine's gas storage capacity assists in maintaining Europe's energy independence and stability, crucial during the winter season 
This strategy also aligns with broader efforts to diversify energy sources and reduce reliance on Russian gas, a significant step towards greater energy security and sustainability

⏭️ What's next: With EU storage levels remaining high, the challenge of refilling these reserves in the summer for the next winter appears more manageable, supporting the European Commission's targets for storage capacity

📈 One stat: European Union gas storage levels remained at nearly 90% even in late December, significantly above the previous five-year average

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