Austria’s gas reserve becomes cheaper as storage costs fall by millions

Austria will store its strategic gas reserve at less than half the previously estimated annual cost in the 2027/28 and 2028/29 storage years. The economy ministry said each year will cost €38.75 million, compared with the €94 million initially budgeted.

The lower price secures storage of the reserve through April 1, 2029. The current 2026/27 storage year will still cost €94 million. Economics Minister Wolfgang Hattmannsdorfer attributed the savings to new tender conditions and “a storage product specifically tailored to the strategic gas reserve.”

The new arrangement does not include additional bookings for injection and withdrawal capacity because the reserve is intended for use only during a crisis. The ministry also said the tender rules encouraged effective competition, while weaker demand for storage capacity helped reduce costs.

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We are securing Austria’s gas supply over the long term while also using taxpayers’ money sparingly.

The Austrian Strategic Gas Storage Management GmbH is responsible for storing the reserve across several facilities. At 20 terawatt-hours, it could cover consumption for up to two winter months in an emergency. Austria’s gas storage facilities collectively hold more than a year’s supply.

The facilities are currently 67% full, equivalent to 87% of annual demand. Energy State Secretary Elisabeth Zehetner said Austria’s storage capacity and strategic reserve provide strong protection in a crisis, while the lower cost improves the value of that security.

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Austria’s large storage capacities and strategic gas reserve provide strong protection in crisis situations.