Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to Forbes on the state of gas reserves in the EU’s underground gas storage facilities and the risks the EU faces during the 2026–2027 heating season.
The level of reserves at the start of the heating season is less important than the withdrawal of gas from November to the end of March, which depends, firstly, on the weather — which is quite difficult to predict — and, secondly, on the availability of imports, which is determined by the timeline for the resolution of the conflict in the Persian Gulf, Alexey Belogoryev comments.
According to him, under the current dynamics, by November 1, 2026, Germany’s underground gas storage facilities will reach 60% (13.5 billion cubic meters) of their capacity — a level typical for January. If the winter is mild, as it was in 2023–2024, even this volume of reserves will be sufficient for a smooth winter, he believes. But if the cold weather of 2025–2026 repeats, the reserves will be completely depleted by the end of February.
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