The International Energy Agency has warned Europe could still face a very difficult winter if Russia cuts its remaining gas supplies to the continent and if the region experiences cold weather.
The IEA said that even if Europe’s gas storage sites are filled close to 100 per cent of capacity before October — the expectation of which has helped lower prices in recent months — that was “no guarantee” against future market tensions.
“Our simulations show that a cold winter, together with a full halt of Russian piped gas supplies to the European Union . . . could easily renew price volatility,” the IEA said in its annual gas market report on Monday.
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