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Ulviyya Poladova

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Gazprom CEO Alexey Miller has said that natural gas prices in Europe could climb to $2,500 per 1,000 cubic metres if the region experiences an especially harsh winter.

Miller noted that Western experts’ forecast of gas prices reaching $1,200 per 1,000 cubic metres during the autumn-winter season had already materialised in October.

"Gas storage levels in Europe’s underground facilities are at historically low levels. In Germany, Europe’s largest natural gas consumer, storage facilities are currently only 61.6% full," he emphasized.

According to Miller, limited gas reserves could push prices in Europe to peak levels of up to $2,500 per 1,000 cubic metres if the winter proves to be particularly cold.

Data from the EU Agency for the Cooperation of Energy Regulators (ACER) show that gas storage facilities across EU member states were 75% full in October, below the average level recorded over the past nine years.

Meanwhile, disruptions to liquefied natural gas (LNG) supplies are adding further pressure on prices.

Image: Mikhail Grebenshchikov / RBC