Gov't Raises Security Reserves Gas Volume

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Hungary's government has decided to raise the country's volume of gas in security reserves by more than 700 million cubic meters to more than 1.9 billion cubic meters, the Ministry of Energy Affairs said on Wednesday, according to a report by state news wire MTI.

The ministry noted that domestic gas consumption fell 17% last year because of the mild winter, government measures to cut back on gas use, and more considered energy use by consumers. Gas stores are still over 45% full as the end of the heating season approaches and remain at levels sufficient to cover almost three-fourths of annual household consumption, it added.

In spite of the favorable tendencies, the ministry said the protracted war and European Union sanctions create a risk of another rise in prices, potentially hindering a build-up of inventories.

For that reason, the government decided to maintain security and special reserves, easing preparations for the coming winter, it added.

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