Gas storage filled

No shortage expected with Gazprom supply stop

A megawatt hour of natural gas currently costs around 45 euros on the exchange.

(Bild: AFP)

The energy regulator E-Control does not expect a gas shortage in Austria. If Gazprom were to stop deliveries to Austria, many of the measures taken would mean that supplies would be secured for the next two winters. OMV is currently receiving natural gas from the Russian gas giant as planned, but believes it is well prepared in the event of an emergency.

E-Control board member Alfons Haber referred to the gas storage facilities in Austria and other EU countries, which are over 90 percent full. Instead of pipeline gas via Ukraine, Austria could be supplied with liquefied natural gas via Germany and Italy.

According to scenario calculations, all of these measures together would mean that there would be no gas shortage by May 2026

A megawatt hour of natural gas currently costs around 45 euros on the exchange. Prices peaking at over 300 euros, as in mid-2022, are not to be expected. 

OMV currently receives natural gas from Gazprom as planned. Around four to five terawatt hours (TWh) of gas are purchased from Russia every month.

On Wednesday, the Group was awarded more than 230 million euros in damages in the dispute with Gazprom. OMV intends to offset the claim against payment obligations to the gas supplier. 

OMV has several ongoing arbitration proceedings with Gazprom; this dispute concerned irregular deliveries from Gazprom Export and the complete cessation of deliveries in Germany in September 2022. The resulting damage will be largely covered by the 230 million euros plus interest and costs awarded.