EU gas storage reaches 90% target ahead of Nov. 1 deadline

(Reuters) - Gas storage in the European Union has already reached 90% well ahead of a Nov. 1 deadline to reach the level, the European Commission said on Friday.

The gas storage levels have reached 1,024 TWh, or 90.12% of storage capacity, equivalent to just over 93 billion cubic meters (bcm) of natural gas, the Commission's statement also said.

After Russia's invasion of Ukraine triggered an energy crisis in Europe, the EU took measures to be better prepared for the winter, when energy demand peaks.

They include a gas storage regulation that sets a binding EU target of filling storage facilities to 90% full by Nov. 1 each year.

"The EU energy market is in a much more stable position than it was this time last year", EU Commissioner for Energy Kadri Simson said in the statement, adding that investments in renewables and energy efficiency can further strengthen the EU's position.

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