11:09 07.08.2020

Gas accumulated in Ukraine and Europe excludes possibility of super-high gas prices – Naftogaz head

2 min read
Gas accumulated in Ukraine and Europe excludes possibility of super-high gas prices – Naftogaz head

The price in the gas market for the population is determined by the balance of supply and demand and due to very high accumulated gas reserves in Ukraine and Europe, its significant growth this season is unlikely, Head of Naftogaz Ukrainy gas supplying company LLC Maksym Rabinovych says.

"The underground gas storage facilities currently have about 22 billion cubic meters of gas. European underground gas storages (UGS) are filled by more than 86%, and in some countries already more than 90%. The price will not be super-high if there is a lot of gas in the market. But the price will change," he wrote on his Facebook page.

The transition to market-based gas pricing for the public has been underway since January when prices collapsed due to the global gas market crisis, which allowed people not to overpay for gas. The expert reminded that recently the gas price for the population amounted to UAH 8.55 per cubic meter.

"Now the market is slowly recovering its seasonal rhythms. The price of blue fuel has always been growing closer to autumn and this season it will be growing as well. Closer to winter, the prices are likely to rise. But there will be no more UAH 30+ per cubic meter," Rabinovych said.

According to him, the market allows to protect customers from the price growth already now, in particular, Naftogaz Ukrainy will recently launch the new tariff "Annual" with a fixed price of UAH 4.73 per cubic meter, which will be an insurance policy for customers who do not want to pay extra sums for natural gas in winter.

"Thus, there will be periods when gas in the market will be a little bit cheaper than the annual tariff, but there will be periods when gas in the market will become more expensive. Quite soon we will also launch several deposit gas offers," the head of the enterprise said.

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