European traders earned about $320M thanks to underground gas storage in Ukraine. In response to overflowing gas storage capacities elsewhere, European traders directed three billion cubic meters of gas to Ukraine for storage. This has helped preserve EU stocks this winter, lowered gas prices across the continent, and ensured significant profits for the companies involved.
The Economist notes that this experience looks like a test for Europe’s future energy strategy. Traders are ready to repeat last year’s experience again this spring, but on a larger scale and starting from an earlier date. It is noted that the deeper the Ukrainian government can integrate its country’s energy industry into the European market, the more the EU will invest in the country’s defense.
Ukraine has the largest gas storage capacity in Europe – more than 30 billion cubic meters, of which about 15 billion cubic meters can be offered to European partners.