Hungary’s gas reserves exceed EU expectations

The energy ministry said on Monday that Hungary’s gas reserves currently stand at 5 billion cubic meters, or 78 percent of full capacity, comfortably above the European Union’s requirement to fill reserves to 65 percent by July 1.

Hungary achieved the 65 percent threshold by May, it said in a statement.

It said the reserves hold 50 percent of domestic consumption, the third highest rate in Europe and double the EU average.

Under EU regulations, gas reserves must be filled up to 90 percent of full capacity by November 1. Last year, Hungary fulfilled that requirement by the end of summer, the statement said.

The ministry said that, partly thanks to significantly falling consumption, gas reserves had not dropped below two-thirds of capacity in the past year. Therefore, the security of supply is “guaranteed with great certainty,” it added.

The government’s measures have ensured that Hungarian families are provided with the cheapest gas and electricity in Europe. The home refurbishment program launched on Monday also offers interest-free loans and non-refundable support for home energy upgrades. The 108 billion forint (EUR 273.2m) EU funding is expected to ensure developments on some 20,000 buildings.

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