Europe well prepared for any winter gas crisis

New "reverse flow" projects, which would allow EU countries to help supply their worst-hit counterparts are being implemented.

European Union nations are well-prepared to weather the kind of natural gas supply shortages it suffered last winter, most having full storage tanks, an expert group said Wednesday.

The EU's gas coordination group -- including national and industry experts as well as consumer's representatives -- made the reassuring announcement after studying gas consumption and storage levels throughout Europe.

Europe is keen to avoid the kind of turmoil suffered in south-east Europe particularly last January after the gas supply was hit during a payments row between major supplier Russia and transit nation Ukraine.

The experts stressed "the full levels of storages in almost all member states" as well as a number of short-term commercial deals put in place to cover an emergency.

New "reverse flow" projects, which would allow EU countries to help supply their worst-hit counterparts are being implemented, the group noted.

A European Recovery Plan provides a stimulus of 1.44 billion euros for new gas interconnectors and reverse flow projects.

On top of all that industrial gas demand has dropped due to the economic crisis.

Gas and liquefied gas prices have also come down.

Nonetheless the commission invited all parties to study gas crisis scenarios in order to identify the best responses.