According to the London ICE exchange, the price of gas in Europe during exchange trading on Tuesday, January 17, fell below $600 per 1,000 m³ for the first time since August 30, 2021. The total price reduction on the day is more than 3 per cent. The cost of February futures at the TTF hub in the Netherlands fell to $599 per 1,000 m³, or €53.5 per MWh (based on the current EUR/USD exchange rate, ICE prices are presented in EUR per MWh). Gas quotes are falling as a result of warmer-than-normal weather conditions for winter in Europe, which only this week is approaching the climatic norm. The average share of wind generation in EU electricity generation has remained very high since the beginning of the month, exceeding 26 per cent. On January 15, it even reached a record for the entire time of observation – 35.4 per cent. In addition, gas reserves in EU underground storage facilities are at a historical high for this time of the year. Now, UGS facilities in Europe are reported to be 81.49 per cent full (19.32 percentage points higher than the average for this date over the past 5 years), containing 88.24 m³ of gas. However, Russia’s ‘Gazprom’ warned that even close to the maximum gas reserves in UGS facilities in large European countries do not guarantee them a reliable passage of the autumn-winter period. The load on UGS facilities in Europe in winter will be higher than in previous years due to changes in logistics and gas supply sources they claimed, as reported by tass.ru. ___________________________________________________________ Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.