Gas storage levels in Italy and Europe are good, Italian minister says

Italian Minister Confirms Strong Gas Storage Levels in Europe

Current State of Gas Storage in Europe

By Francesca Landini

Italy's Gas Storage Targets

CERNOBBIO, Italy (Reuters) -Gas storage levels in Europe are "good", Italian Energy Minister Gilberto Pichetto Fratin said on Saturday, adding that his own country was close to the 90% target set by the European Union.

Impact of Geopolitical Factors

"We are relaxed about gas storage, certainly in Italy ... the level is also good in Europe, although slightly lower," Pichetto said on the sidelines of the TEHA Forum in Cernobbio.

Future of Coal-Fired Plants

High gas storage levels function as a buffer in case of unexpected peaks in demand during winter months.

The EU set gas storage targets after Russia's full-scale invasion of Ukraine in 2022 triggered an energy crisis. Member states are meant to hit a 90% filling target at any point between October 1 and December 1.

However, Pichetto said Italy was not ready to dismantle coal-fired plants in continental Italy by year-end, as previously planned, singling out Enel plants in Civitavecchia and Brindisi.

"We have a war in Europe, we have very difficult situations in the Mediterranean, which are changing by the hour ... so I am not in a position to dismantle coal-fired power stations," said Pichetto, who had previously expressed doubts about the year-end deadline.

Gas supply across the Mediterranean has been affected by a reduction of shipping through the Suez Canal due to attacks by Yemen's Houthis, and by instability in Libya.

Asked whether Italy could increase imports of liquefied natural gas (LNG) coming from the United States,

Pichetto said imports of liquefied natural gas (LNG) from the United States were "convenient" at the moment, and any increase depended on price.

(Reporting by Francesca Landini; Editing by Valentina Za, Aidan Lewis)