By the end of August 2026, gas storage facilities in Europe are only 63% full. This is the lowest level in the last 13 years, while the norm for this period is considered to be 80%. Because of this, gas prices have already jumped to a three-year high — over 68 euros per megawatt-hour, which is twice as expensive as at the beginning of the year. Analysts at Goldman Sachs predict that without the restoration of supplies from the Middle East, the price could reach 100 euros per megawatt-hour to meet demand in winter.
Why did this situation arise?
Gas reserves are low for several reasons: storage is filling slowly, there are geopolitical risks, supply interruptions occur, and drought affects electricity production. The key factor is the war between the USA and Israel against Iran, which seriously disrupted oil and gas exports from the Persian Gulf. This reduced global liquefied natural gas (LNG) supplies. Now Europe has to compete for limited LNG volumes with buyers from Asia.
Situation in Slovakia
Against the backdrop of pan-European problems, Slovakia is actively preparing for the 2026/2027 heating season. On April 29, 2026, the government approved measures to ensure sufficient gas reserves in underground storage. The corresponding mandate (mandate) to store certain volumes was given to the state company Slovenský plynárenský priemysel (SPP) (Slovak Gas Industry).
The government set the following storage targets for SPP:
5.644 TWh by July 1, 2026;
13.0 TWh by September 1, 2026;
17.517 TWh at least on one day between October 1 and December 1, 2026.
As of August 5, 2026, SPP has almost reached the first goal — there was 5.633 TWh of gas in storage. The company is ahead of the schedule set by the Ministry of Economy of the Slovak Republic and expects to reach the second goal of 13 TWh in the coming days. SPP’s plan is to accumulate 17.5 TWh of natural gas before the start of the 2026 winter season. This volume fully covers the government mandate and significantly exceeds the 8 TWh usually needed for a standard winter.
Diversification of supplies
Besides accumulating reserves, Slovakia is working on diversifying gas sources. On July 16, 2026, Slovakia’s Minister of Economy Denisa Sakova confirmed negotiations with Azerbaijan’s state energy company SOCAR about a long-term agreement. According to the plan, Slovakia will buy about 1.2 billion cubic meters of Azerbaijani gas annually. Supplies are expected to start after 2027, when the country completely stops importing gas from Russia, on which its energy system historically depended.
What does this mean for Ukrainians in Slovakia?
Despite problems across Europe, Slovakia is well prepared for the upcoming heating season. The government’s early actions, the work of SPP, and the search for new gas suppliers aim to keep prices stable and affordable for households and industry. This should protect you as a consumer from sharp price fluctuations in the energy market.
