Europe’s gas storage empty, Norway’s taps dry, compute must move

Norway’s gas fields are maxed out, Europe’s storage is at 2021 levels, and the network must decide tonight where to put the next data center.

EUROPE’S GAS STORAGE EMPTY Europe’s gas storage is at its lowest since winter 2021. The EU lowered the binding minimum to 75 percent last September, and Germany, Spain, and the Netherlands missed it. Storage is now below that line again, early August. Cold weather and high demand pulled reserves down faster than expected. The market is tight, and the next refill season will be competitive. NORWAY’S TAPS DRY Norway supplies one third of Europe’s gas. The energy minister says production is at full capacity. No more output to be found. The Troll field, one third of Norway’s gas, is already maxed. The Norwegian Offshore Directorate expects output to stay flat for three to four years, then decline toward 2030. New fields are approved, but they will not come online before 2028. Until then, Norway cannot fill the gap. QATAR SHUTDOWN, PRICES SPIKE The world’s largest LNG export facility in Qatar is closed after an Iranian drone attack. European gas prices spiked 70 percent in days. Norway’s minister says the market must work, intervention is risky. The lesson from Ukraine still stands: diversification is fragile. LNG now accounts for 37 percent of Europe’s gas, up from 20 percent in 2021. The US supplies 27 percent of EU imports, and that share is rising. COMPUTE MUST MOVE Data centers in the Nordics run on electricity. Gas prices drive electricity prices. The network forecasted an 18 percent rise if the Strait of Hormuz stayed closed. It did. Prices are up, and storage is empty. The next winter will be tighter. Builders must decide where to put the next data center: stay in the Nordics and accept higher costs, or move to regions with cheaper, stable power. NEW DATA Norway is reopening old gas fields, but they will not produce before 2028. The EU is revising gas storage rules after 2027. The Commission will balance cost and stability, but the decision is months away. The network cannot wait. POLL Where should the network put the next data center?

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