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E.ON Ruhrgas to invest €2 bln in gas storage

Energy Trade

A new gas storage unit being set up by Germany’s E.ON group this year plans to invest around €2 billion ($3.15 billion) on new underground facilities by the middle of the next decade, its incoming managing director said on Tuesday.

“We plan investments for big projects already decided of around €2 billion,” Hans-Peter Floren, designated managing director of E.ON Gas Storage (EGS), told Reuters in an interview at the company’s Essen headquarters. The company’s storage capacity is expected to be around 9.2 billion cubic meters at its planned launch on August 1. “These projects could add another 5 billion cubic meters to the EGS storage capacity total,” he said. Floren also said that his company was not aiming at solely supplying E.ON group companies with storage services but was explicitly open to outsiders in the expanding European storage market. (Reuters)

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