Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Poland's PGNiG to boost gas storage by 25% in energy security push

Stock Markets Jun 30, 2022 11:46
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Warning signs are pictured in front of the gas compressor station, a part of Polish section of the Yamal pipeline that links Russia with western Europe which is owned by a joint venture of Gazprom and PGNiG but it is operated by Poland's state

WARSAW (Reuters) - Poland's PGNiG plans to expand its gas storage capacity by 25% to 4 billion cubic metres, it said on Thursday, as the largest country in the European Union's eastern wing looks to bolster its energy security.

The country's existing gas storage facilities are 97% full, but current storage capacity of 3.2 billion cubic metres (bcm) is relatively small compared to annual consumption of about 20 bcm.

With winter consumption amounting at times to some 2 bcm of gas per month, Warsaw now plans to expand its gas reservoir in Wierzchowice, western Poland

"The expansion of the gas storage facility in Wierzchowice will significantly enhance Poland's energy security," PGNiG chief executive Iwona Waksmundzka-Olejniczak said in a statement.

"This will make us more resilient to crises like the one we are currently dealing with in Europe."

Poland and Bulgaria were the first European countries to be cut off from Russian gas in April.

Warsaw had been taking steps to diversify supplies before tensions over the war in Ukraine upended European energy markets.

Despite curtailed supplies of Russian gas to Europe, Poland's gas market balance is supported by a liquefied natural gas terminal running at full capacity and lower summer demand amid high prices.

Poland does not plan to initiate a 12-step emergency procedure to safeguard energy supply that would lead to gas rationing, the climate ministry said on Friday, a day after Germany moved to the second, "alarm" stage of its own three-step emergency gas plan.

Poland's PGNiG to boost gas storage by 25% in energy security push
 

Related Articles

Blink Charging Delivers Wider Q2 Loss; Shares Slip
Blink Charging Delivers Wider Q2 Loss; Shares Slip By Investing.com - Aug 08, 2022

  By Yasin Ebrahim Investing.com - Blink Charging reported a wider loss than expected as higher costs offset revenue that beat Wall Street estimates. Blink Charging...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email