"Patch up the holes." Why Europe is slow to pump gas for the winter

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to RIA Novosti and the Prime news agency on the state of gas reserves in UGS facilities in the EU amid the crisis in the global LNG market.

Alexey Belogoryev estimates the average annual spot price of TTF at 40 euros per megawatt hour, or slightly less than 500 dollars per thousand cubic meters.

"This is 11% higher than last year's figure and 30% more than expected," the expert explains.

European traders take a pessimistic scenario as a basis. Energy companies are actively insuring themselves, expecting prices to double closer to winter. As Alexey Belogoryev notes, under a pessimistic scenario, the UGS loading by November 1 will not exceed 70-75% instead of the required 90.

"This significantly increases the risks of a new heating season and will contribute to additional price increases by the end of the year, and especially in the first quarter of 2027," he warns.