Current Czech gas reserves would last until the end of summer if Russia halted supply

The growth rate of Czech gas stocks is among the highest in Europe

editor: REMIX NEWS
author: iDNES.cz, Czech News Agency
Czech Minister of Industry and Trade Jozef Síkela speaks at the first US/CZ Business Forum. (mpo_tweetuje/Twitter)

Should Russian gas supplies be halted, Czechia has sufficient reserves to last until the end of the summer, the country’s Industry Minister Jozef Síkela has claimed.

Czech gas reserves are growing rapidly and had exceeded 1.287 billion cubic meters by Thursday morning, and domestic gas storage tanks are now almost 40 percent full, the minister revealed.

“Compared to consumption in previous years, if supplies from Russia are stopped, current stocks should last at least until the end of the summer,” Síkela affirmed.

Czechia Prime Minister Petr Fiala also confirmed the current capacity status Czech gas reserves.

“Today, the tanks are already 40 percent full, and that’s a huge shift, and it’s the most ever at this time of year. We will reach at least 80 percent of the tank capacity before the start of the winter season,” said Fiala.

According to Síkela, current gas reserves have more than doubled from last year. The growth rate of stocks is among the highest in Europe. Deliveries to the Czech Republic are smooth, and the storage tanks are filling at a rate of over 25 million cubic meters per day. This corresponds to approximately twice the daily consumption in the summer. The suspension of gas supplies via the Ukrainian station Sochranovka has not affected gas supplies to the Czech Republic.

The state will compensate the trades for losses

Síkela also said on Thursday that his office is in contact with traders as he attempts to motivate them to fill their reservoirs, among other things, through a crisis measure issued by the ministry on April 28.

On its basis, the first auctions are happening during which the state financially supports the storage of gas in storage tanks. The state compensates the trades, among other things, for the price difference between the current price and the price of the futures.

“We are also preparing other measures that will further strengthen the state’s influence on the management of gas in domestic storage facilities,” the minister added.

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