Snam: gas storage at record levels, 85% full

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Italian inventories at 85 percent. This is currently the level of stock at the Stogit deposits, the “arm” of Snam which represents the main operator in the sector. According to the data collected by Sole 24 Ore, the current bar is approximately 9.5 billion cubic metres, to which must be added the 4.5 billion cubic meters of strategic reserve, for a filling that far exceeds, as mentioned, 80 percent.

The decline in consumption

Inventories at record levels, therefore, well above the numbers reached in 2022. From last March to the end of winter, also thanks to the milder temperatures, the bar for storage in Italy was in fact 65 per cent, compared of 36% recorded in 2022 in the same months (while in previous years the average was around 44%). Last year, however, the flare-up in gas prices had made the process of filling the depots particularly complex, so much so as to induce the government to work closely with the Arera and with the support of Snam and, later, also of the Gse , to put in place a whole series of measures to facilitate deliveries in storage in order to secure the system after Russia’s decision to cut supplies to Europe and Italy.

“Emergency” actions which, as it will be remembered, went on until last April, when with a decree signed by the Minister of the Environment and Energy Security, Gilberto Pichetto Fratin, the mandatory levels were set in terms of storage space to be allocated as a priority to respond to the needs of civilian customers and which can then be supported by an additional “buffer” to ensure further flexibility to the system. Being able to count, as has happened so far, also on the possible use of so-called counterflow gas injections (ie during the delivery phase) and overpressure operation to increase the volumes of gas to be moved inside the depots.

Furthermore, it is worth remembering that all these instruments were preceded, from the beginning of last year, by the mechanism of last resort – activated first by the group led by Stefano Venier and supported, later, also by the subsidiary of Mef -, which was used above all in the months marked by the greatest peaks in terms of commodity prices, to purchase additional quantities to complement those, very slowly, made by shippers and which contributed to maintaining the performance of storage, as well as ensuring a level of stock capable of protecting the system from any critical issues.

The drop in prices

Now, however, the overall conditions have changed. Prices, as known, collapsed and the mild winter meant that the residual balance in deposits was still very significant at the end of March. With the result that all the storage services offered by Stogit were completely allocated to market operators in April, following the government’s sprint, for a total of 12 billion cubic metres. And, considering the rules in force that encourage operators who purchase storage capacity to fill it up by 31 October next, for the moment thermal year 2023-2024 no recourse to further actions for full replenishment is envisaged given the positive trend.
Nor, at the moment, have they been fielded
particular products (such as counterflow) for filling, but Stogit continues to offer
short-term solutions to ensure the
maximum flexibility for operators.