Not surprisingly, the vast majority of those panels are coming from China, highlighting a serious risk that Europe is shifting from overlying on Russia for gas to depending too much on China for its solar needs. The stockpile is forecast to grow even larger this year, hitting 100 GWdc in storage by the end of 2023. New research by Rystad Energy has revealed that some €7 billion ($7.8 billion) worth of solar panels-or 40 gigawatts direct current (GWdc) of capacity-are currently sitting unused in European warehouses. If the current rate of gas injection is maintained, inventories will finish the injection season at just above 120 bcm, more than 10 bcm above the record high.Īnd now it has emerged that Europe is following a similar playbook with solar energy. The average build over the past week of 330 million cubic meters per day (mcm/d) is nearly 100% higher than the five-year average over the equivalent period. According to Gas Infrastructure, Europe (GIE) data, EU gas inventories stood at 94.52 billion cubic meters (bcm) on 16 July, a good 21.73 bcm higher y/y and 18.46 bcm above the five-year average.
Europe has continued stockpiling gas at a record clip: StanChart has reported that gas inventories continue rising despite the current European heatwave and increased electricity demand for cooling. Europe responded with overkill, with the continent managing to store so much gas that it emerged from the last winter season with more than enough gas reserves. The global energy crisis triggered by Russia's war in Ukraine exposed Europe's extreme vulnerability due to the continent's over-reliance on Russian energy commodities, especially natural gas.
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