#Natural Gas

Ukraine has accumulated about 16 bcm of gas in underground storage—more than 1 bcm above plan, according to a Razumkov Centre expert. This creates a winter reserve alongside the launch of controlled private production exports.

Ukraine's underground gas storage facilities hold 15.5 billion cubic meters of gas — the highest level in five years. Reserves exceeded the government's heating season target by nearly a billion cubic meters.

The gas price gap between Ukraine and Europe has exceeded €50 per MWh — the highest since late 2022. Ukrainian gas costs about €33, while on TTF it is €84. The cause is market isolation and the export ban.

Vladimir Omelchenko, Director of Energy Programs at the Razumkov Centre, stated that the export ban on gas led to a loss of 6 billion cubic meters of production, and called for a move to an open market model analogous to the electricity sector.

Private traders have begun selling gas from Ukraine's underground storage to Poland amid record stocks exceeding 15 billion cubic meters and falling domestic demand. Domestic gas prices are almost twice as low as European prices.

Experts from ICC Ukraine and the Razumkov Centre believe that the controlled export of part of domestic gas will give producing companies the funds to recover after attacks and carry out new drilling, provided the domestic market is fully supplied.

People's Deputy Sergei Nagornyak stated that Ukraine may consider the partial export of privately extracted gas to the EU, however, the decision must take into account the interests of the domestic market and the accumulation of reserves for the heating season.

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