The European Parliament has taken steps to address speculation in the gas market and reduce prices by introducing more flexible rules for gas storage refilling. The draft law, approved with 425 votes in favor, 106 against, and 43 abstentions, extends the EU’s 2022 gas storage scheme until December 31, 2027. This extension aims to ensure security of gas supply ahead of winter.
To ease market tensions caused by the mandatory 90% fill rate target by November 1 each year, Members of the European Parliament (MEPs) have proposed reducing this target to 83%. This target should be met between October 1 and December 1 annually. In cases of unfavorable market conditions such as supply disruptions or high demand, member states may deviate from this target by up to four percentage points. If these conditions persist, the Commission may allow an additional deviation of four percentage points. However, MEPs emphasize that overall storage filling obligations should not fall below 75%.
In response to Russia’s ongoing conflict with Ukraine, MEPs have called for a full embargo on Russian gas imports. They assert that member states should avoid storing Russian-origin gas and advocate for immediate sanctions on Russian imports, including liquefied natural gas (LNG). “It’s very important that Europe was able to protect its citizens in a situation where Russia was using gas as a weapon of blackmail,” stated rapporteur Borys Budka (EPP, Poland). He added that Parliament aims to “provide for more flexibility and less bureaucracy but above all to bring Europe’s gas prices down.”
Negotiations with the Polish presidency of the Council are set to begin on May 13.
The EU’s energy security has been a significant concern due to its reliance on non-EU countries for primary energy supplies. The energy crisis in 2022 highlighted the need for additional measures following Russia’s invasion of Ukraine and subsequent use of gas supplies as leverage. Despite new EU regulations on gas storage, global competition for LNG remains intense amid ongoing price volatility.
