The Czechia fulfilled the EU goal regarding gas savings ahead of time, the weather also helped

Gas stocks are currently double compared to last year, which contributes to the drop in energy prices on the market. According to analysts, for example, the warm weather helped to save, Czechs also saved due to high energy prices.

The commitment to reduce gas consumption was approved by the energy ministers of the EU countries last July. The agreement counted on savings of at least 15 percent of consumption compared to the previous heating season in the period from October 2022 to March of this year. For the Czech Republic, this meant an obligation to save at least 800 million cubic meters of gas, which, according to the ministry, was achieved in mid-January.

“What I’ve been saying since last spring is confirmed. Energy savings are a very effective and, as a result, very cheap tool for strengthening energy security,” said Minister of Industry and Trade Jozef Síkela (for STAN), who appreciated the approach of consumers.

“Thanks to this, domestic gas reserves are more than double compared to last year,” said the minister. According to Monday’s data from the department, domestic reservoirs are 80 percent full, with around 2,750 million cubic meters of gas in them.

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Last year, over 7.5 billion cubic meters of gas were consumed in the Czech Republic. This is about a fifth less year-on-year, i.e. roughly 1.9 billion cubic meters. “To give you an idea, this roughly corresponds to the consumption of the entire country in two winter months,” calculated Deputy Senior Director of Energy and Nuclear Resources René Neděla.

He added that in the current heating season, consumption has decreased even more significantly. From October to mid-January, it fell by more than 23 percent year-on-year. Currently, according to the ministry, consumption savings compared to last year amount to roughly 850 million cubic meters.

According to XTB analyst Tomáš Cverna, the high gas savings can be attributed to the warm weather. He recalled, for example, the average temperatures last October, which were 2.5 degrees higher than usual.

“This trend in temperatures is also accompanied by the discounting of the natural gas contract on the TTF exchange, which has fallen by less than seven percent since the beginning of the year. Long-term weather forecasts say that February will be average to above-average temperatures, which can contribute to further savings. We should be able to handle this winter with our stocks and if the weather forecast is fulfilled without any major complications,” said Cverna. In recent days, other analysts have also pointed to the effect of high energy prices, which force many customers to save.

However, according to Síkela, the importance of saving on consumption does not end with the achievement of the goal. “Gas savings help us reach record levels of gas reserves, which strengthens our resilience to potential crisis situations and thus our energy security. Every cubic meter of gas saved will also help us prepare for the next heating season. This will reduce the pressure on the rapid creation of gas reserves, and thus on the rise in prices,” added Síkela.

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The article is in Czech

Czechia

Tags: Czechia fulfilled goal gas savings ahead time weather helped

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