The cold spell next week signals the possibility of heavier withdrawals from the region’s gas storage sites, though inventories are still almost 73% full and well above average levels of the last five years.

KEPCO CEO Seung-il Jeong presented the proposal to Fatih Dönmez, Turkey's Minister of Energy and Natural Resources, on 30 January during a meeting in which they discussed plans for KEPCO to participate in the nuclear power plant project.

Benchmark futures fell as much as 3.5%. While the continent’s gas inventories dropped last week amid a cold spell, they are still far above historic averages.

National Energy Plan of Türkiye has been announced and published last week by the Ministy of Energy and Natural Resources. The plan which is prepared based on 2053 Net Zero Emission target covers the period of 2020-2035.

Dutch front-month futures, were 0.2% lower at €66.80 a megawatt-hour by 8:58 a.m. in Amsterdam, after rising as much as 3.1% earlier.

Dutch front-month futures, Europe’s gas benchmark, were 2.8% lower at €59 a megawatt-hour by 8:29 a.m. in Amsterdam.

As a result, Russian diesel makes up 27% of Europe's total 1.69 million b/d of imports in the period, the data showed.

The aim of the energy strategy is for Bulgaria "to remain a leader in the production and export of electricity in the region".

The region’s storage sites are around 81% full, some 20 percentage points above the five-year average. That’s providing confidence that Europe will end the winter with inventories over 50% and “more than enough gas to completely replenish its storage by the start of next winter,”

Gas prices may have dropped, but are still almost double their five-year average for the time of year.

Despite the adoption of the Versailles Declaration in March 2022, when leaders of the 27 EU member states pledged to phase out the EU’s dependence on Russian fossil fuels as soon as possible, imports of Russian LNG increased by 12% in 2022 compared to 2021.

According to the EU-US announcement, EU commission aims to increase annual demand for American LNG by 50BCM by the end of 2030 and procure 15BCM more in 2022,

LNG deliveries to Europe have helped ease an energy crisis this winter after Russian piped supply slumped.

The discussion covered issues related to further expanding economic ties, primarily in energy, with the priority being strategically significant projects like the creation of a regional natural gas hub in Turkiye and the construction of the Akkuyu nuclear power plant.

Dutch front-month futures, the European benchmark, rose 4.3% to €72.50 a megawatt-hour at 8:55 a.m. in Amsterdam. The UK equivalent contract was 7.1% higher.