Italy is to contribute 35 percent of new-build underground gas storage capacity by 2023, according to GlobalData a leading data and analytics company.
GlobalData noted that Italy is expected to add around 249 billion cubic feet (bcf) of underground gas storage capacity between 2019 and 2023, from 14 planned and announced underground gas storage sites.
The company’s latest report: ‘Underground Gas Storage Industry Outlook in Europe to 2023 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Storage Sites’ reveals that Europe is expected to add 49 planned and announced underground gas storage sites during the forecast period, with a total working gas capacity of 716 bcf in 2023.
Ashwin Gupta, Oil & Gas Analyst at GlobalData, commented: “Italy is further adding new underground gas storage sites to ensure uninterrupted gas supply during peak winter season. The country is also planning to reduce carbon emissions by constructing more natural gas power plants, which will necessitate construction of new underground storage sites.”
The UK is expected to add around 127 bcf by 2023 – thus making it the second largest in Europe, in terms of new-build underground gas storage capacity in 2023. The country plans to add nine underground gas storage sites between 2019 – 2023.
Germany stands third largest in the region, with a planned underground gas storage capacity addition of 101 bcf, from seven underground gas storage sites during the outlook period.
In terms of storage capacity, among the upcoming underground gas storage sites, Cornegliano (the largest planned storage site) in Italy will lead with 83 bcf in 2023. Golianovo site in Slovakia and Gateway site in the UK follow with 53 bcf each.
For more information visit www.globaldata.com