Approved in plenary, a new law aims to tackle speculation in the gas market and reduce prices by introducing more flexible rules for gas storage refilling. The Regulation, agreed upon between Members of the European Parliament (MEPs) and the Council, will extend the EU’s 2022 gas storage scheme until December 31, 2027. This extension is intended to secure gas supply ahead of winter.
Amendments were introduced by MEPs and the Council to ease market tensions caused by speculation over the mandatory 90% fill rate target by November 1 each year, which was increasing summer refilling costs.
The new text allows member states to reach the 90% filling target anytime between October 1 and December 1. Once this target is met, maintaining that level until December 1 is not required. In challenging market conditions, member states can deviate from this target by up to ten percentage points. The Commission may increase this deviation by an additional five percentage points through a delegated act if these conditions persist.
Additionally, authorities monitoring gas refilling in each member state must provide information on Russian-originating gas stored in line with proposals from June 17 by the European Commission. This measure aids in monitoring whether Russian gas is stored within the EU.
“The 2022 legislation showed that Europe was able to protect its citizens in a situation where Russia was using gas as a weapon of blackmail,” said rapporteur Borys Budka (EPP, Poland). “This revision will provide for more flexibility and less bureaucracy but, above all, it will bring Europe’s gas prices down while we continue advancing towards energy independence from unreliable suppliers,” he added.
Parliament supported the bill with 542 votes in favor, 109 against, and 30 abstentions. It now awaits formal approval by the Council before publication in the EU Official Journal.
Gas-storage facilities account for about thirty percent of the Union’s winter consumption. The EU’s energy security has been increasingly important due to reliance on non-EU countries for primary energy supplies. The energy crisis of 2022 highlighted this need following Russia’s invasion of Ukraine and subsequent use of gas supplies as leverage. New measures have been introduced since then; however, global competition for liquefied natural gas (LNG) remains high alongside persistent price volatility.
