Greek energy operators will report to the country’s energy minister today on the feasibility of storing natural gas in Italy.
Greece is concerned about its ability to store natural gas reserves over the winter months. Currently, Russia supplies Greece with 33 percent of its energy needs. The ramifications of the war in Ukraine caused many countries to shift their thinking on Russian energy imports. Currently, Greece has plenty of import capacity through a liquefied natural gas terminal and the Trans Adriatic Pipeline that runs through the nation. However, it lacks adequate storage facilities to supply the country’ high winter demand. As a solution, Greek gas operators suggested that Italy could provide Greece with the required energy storage.
Expect Italian and Greek gas operators to reach an initial compromise on storage. EU nations are rushing to fill storage sites, with the EU mandating members to fill 90 percent of gas storage by winter. Moreover, the energy crunch induced by Russia’s invasion of Ukraine resulted in an initial consolidation of EU internal affairs that favor regional modalities to secure energy needs. In the longer term, expect more southern European countries to cooperate on securing energy resources.
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Mario is a Current Development’s Analyst who writes on security issues, with regional interests in Latin America, Europe and North America.