EU to revise gas storage rules to guard against price shocks
The Council of the European Union and the European
Parliament have reached a preliminary agreement to revise gas storage rules,
extending the bloc’s obligation to stockpile sufficient gas volumes ahead of
winter by another two years, according to Interfax-Ukraine.
“By ensuring adequate gas reserves before winter, we not only protect our citizens and businesses from price shocks and supply disruptions but also send a clear signal that we will not be held hostage to external energy pressure,” said Poland’s Minister of Industry, Marzena Czarnecka, who currently chairs the EU Council.
The proposed changes are intended to “reduce the EU’s
vulnerability to volatile prices driven by geopolitical instability” following
Russia’s full-scale war against Ukraine.
The deal keeps the current requirement to fill gas storage
facilities to 90% before the heating season but allows more flexibility.
Instead of a fixed deadline of Nov. 1, storage levels can now be met at any
point between Oct. 1 and Dec. 1.
“The Council and Parliament agreed that interim storage
targets will be indicative, to provide predictability on storage levels while
maintaining enough flexibility for market participants to buy gas throughout
the year when it’s more convenient,” the Council said.
The provisional agreement must still be formally approved by
both EU institutions.
The Council noted that storage targets introduced in 2022
improved Europe’s energy security after the crisis triggered by the war. Those
obligations are set to expire at the end of 2025.
“However, the ongoing tight situation on the global gas
market requires extending these provisions beyond 2025,” officials in Brussels
concluded.
Gas storage accounts for about 30% of the EU’s winter gas
consumption.
Earlier reports said Russia had resumed strikes on Ukraine’s
energy infrastructure. Energy Minister Herman Halushchenko described the
situation as difficult and said Ukraine is buying gas to generate electricity.
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