Portugal’s Natural Gas Reserves Hit 95% but Capacity Remains Tight, Prices Surge
Even as Portugal’s gas reserves climb to 95% of their theoretical limit, the tight storage capacity fuels concerns over price spikes.
📌 Key Highlights & Context
- Underground gas storage reaches 95%, well above the EU’s 75% average.
- Overall storage volume remains constrained, exposing Portugal to price volatility.
- Infrastructure upgrades and diversification are essential for price stability.
State of the Reserves
According to Jornal de Negócios, Portugal’s underground natural‑gas storage now stands at 95% of its theoretical capacity, compared with the EU average of roughly 75%.
Capacity Constraints and Price Risks
While the percentage looks impressive, the absolute storage volume is limited and existing facilities struggle to absorb sudden demand spikes.
This leaves the country exposed to international price hikes.
- Modernisation of storage sites is urgently needed.
- Greater diversification toward renewable sources should be pursued.
- Strategic reserves must be built to cushion price volatility.