EU Gas Reserves Drop Below 30 Percent as Commission Urges Early Winter Preparations, but Portugal Sits Comfortably at 82 Percent

The European Commission has called on EU member states to begin coordinated preparations for next winter's heating season, warning that gas storage levels across the bloc have fallen below 30 percent amid ongoing energy market volatility from the Middle East conflict. Portugal, however, stands as a notable exception with the highest reserves in the entire EU.

The Commission's Warning

In a statement issued on March 23, the Commission acknowledged that the EU's energy supply security "remains protected at this stage" due to limited direct dependence on imports from the Middle East and liquefied natural gas (LNG) shipments that passed through the Strait of Hormuz before the conflict escalated.

But the tone was cautious. "Timely and coordinated preparations are essential to ensure adequate replenishment of gas reserves for the next heating season, adapting to market circumstances and applying flexibilities," the Commission stated.

Data from Gas Infrastructure Europe shows that, as of March 22, gas storage across the EU stood at just 28.48 percent — well below the levels regulators would like to see at this point in the refilling cycle. Under current EU rules, all member states must reach 90 percent storage capacity between October 1 and December 1 each year.

Portugal: Highest Reserves in the EU

Among the 18 EU countries with underground gas storage facilities, Portugal holds the most comfortable position, with reserves filled to 82.37 percent. The figure is striking, particularly given the energy pressures that have been building across Europe since the closure of the Strait of Hormuz in late February.

However, context matters. Portugal's underground gas storage — salt cavern facilities — has a relatively modest total capacity of roughly three to four terawatt-hours, small compared to the large depleted-field storage systems in Germany, France, or Italy. Being 82 percent full is reassuring in relative terms, but it represents a limited buffer in absolute volume.

Portugal also benefits from its geographic position on the Atlantic coast with direct LNG import capacity at the Sines terminal, reducing its dependence on pipeline gas from eastern routes that have been more affected by geopolitical disruptions.

Why It Matters for Portugal

Even with healthy reserves, Portugal is not insulated from the broader European energy price environment. Wholesale gas prices have risen sharply across the continent, and those costs eventually feed into fuel prices, electricity tariffs, and industrial costs.

The government has already taken several steps to cushion the blow:

• An ISP fuel tax discount of 3.55 cents per liter is in effect, though critics argue it pales next to Spain's measures
• An energy crisis framework has been approved that allows temporary electricity price caps for households and most businesses
• The government has signaled it is monitoring the situation "daily, sometimes twice daily" and is prepared to announce structural measures if the conflict persists

For consumers and businesses, the near-term risk is not running out of gas — it is paying significantly more for it. The Commission's call for early refilling will likely push European buyers into the spot market sooner, potentially supporting prices through the spring and summer refilling season.

The Geopolitical Backdrop

The energy squeeze stems from the US and Israeli military operation against Iran launched on February 28, which prompted Tehran to close the Strait of Hormuz. Approximately 20 percent of the world's oil transits through the strait, and its closure has sent shockwaves through global energy markets.

Brent crude has risen more than 50 percent since the conflict began, and European natural gas prices have climbed roughly 85 percent. While diplomatic efforts continue, there is no clear timeline for the strait's reopening, and the Commission's call for early stockpiling reflects growing concern that the disruption could extend well into the second half of 2026.

Portugal's strong renewable energy capacity — which reached 79 percent of electricity generation in the most recent data — provides a partial hedge against gas price volatility for power generation. But the country remains dependent on fossil fuels for transport, heating, and industrial processes.

Related Reading

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• Understanding Portugal's Energy Crisis Framework
• Spain's 30-Cent Fuel Tax Cut Puts Pressure on Portugal
• Portugal's Renewable Energy Machine Hits 79 Percent
• Diesel Jumps 16 Cents as Portugal Braces for Rising Fuel Prices