European countries are on track to meet the goal of filling gas storage by early this winter, but the cost of replenishing stocks will be more than 50 billion euros, 10 times more than the historical average of filling tanks for the winter, writes Reuters.

European governments have been concerned that Russia's cuts in gas pipeline supplies to Germany will deprive countries of the ability to meet winter storage replenishment targets.

They have been able to steadily increase gas storage by curtailing demand, switching from gas to coal for some power plants, and increasing imports of liquefied natural gas (LNG).

European gas storage facilities were 70.54% full on Tuesday, above the 5-year average of 70.32%, according to Gas Infrastructure Europe (GIE) data released Thursday. Levels were also close to the 10-year average of around 71.40%.

The European Union aims to fill storage to 80% by November 1st to provide a buffer for the winter months of peak demand. The EU has also set intermediate targets for each country for each month.

Germany, hardest hit by cuts in gas supplies from Russia, has set a higher target and aims to fill 95% of gas storage by November.

The increase in LNG imports helped. In the first half of 2022, the EU imported 21.36 million tons of LNG, compared with 8.21 million tons in the same period a year ago, according to ICIS.

In June, for the first time in history, American LNG shipped more gas to Europe than pipeline gas from Russia.

However, while the company is well on track to meet its target, analysts caution against complacency and warn that Europe's dependence on Russian gas is far from over.

Analysts and industry experts warn that it will be impossible to fill gas storage facilities to the desired level if Russia completely cuts off supplies via the Nord Stream 1 gas pipeline to Germany.

The cost of filling storage could be passed on to consumers through even higher electricity bills or taxation, analysts say.