UPDATE 2-Cold snap forces Gazprom to reduce gas to Europe

Tue Jan 31, 2012 9:26pm GMT

[-] Text [+]

* Italian supplies cut by 10 percent versus normal

* EU says plenty of gas available, confident demand will be met (Adds EU reaction)

MOSCOW/BRUSSELS Jan 31 (Reuters) - Russian gas export monopoly Gazprom has restricted supplies to Europe, its largest foreign market, to cover an increase in domestic demand caused by a cold snap.

Supplies into Italy via the Austrian border, had been reduced by 10 percent compared with normal levels, the European Commission said on Tuesday, quoting the Italian Ministry of Economic Development.

Representatives of Gazprom and its export arm were not available for comment.

The European Commission said it had enough natural gas to make up for any shortfall and was confident demand could be met.

"(EU) member states are currently able to cover the Russian missing volumes with gas from underground storage and alternative routes and suppliers," Energy Commission spokeswoman Marlene Holzner said.

"Given the surplus of gas in the European markets in the previous weeks, the Commission is confident that the market is able to allocate gas where it is most needed."

Western Europe in general is heavily dependent on Russian gas. Italy relies on imports for about 80 percent of its gas needs and about 30 percent of them are met by Russia. Continued...

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