The European Union is set to implement more flexible gas storage regulations following a provisional agreement reached on June 24 between the European Parliament and the Council. This draft legislation aims to tackle speculation in the gas market and aims to reduce prices by introducing less bureaucratic and more adaptable refilling rules. Parliament rapporteur Borys Budka emphasized that the revision would ease tensions and enhance flexibility in gas storage management. Originally, the EU’s gas storage regulation, adopted in June 2022, required storage sites to be filled to 90% by November 1, with provisions lasting until the end of 2025.
However, the European Commission proposed an extension of these regulations to 2027, allowing member states more autonomy in deciding how to refill gas storage facilities. Consequently, an informal agreement was achieved to maintain this extension. In light of current geopolitical concerns, EU energy commissioner Dan Jorgensen affirmed that this agreement reflects the EU’s commitment to safeguarding citizens and businesses against supply disruptions and price surges. As of now, gas storage sites are only 56.6% full, considerably lower than the 75.5% capacity recorded at the same time last year.
The agreement introduces several key amendments, allowing member states to meet the 90% fill target in a more flexible timeframe, from October 1 to December 1, and permitting deviations under challenging market conditions. MEP Andrea Wechsler highlighted that the deal not only secures gas supplies but also allows for significant flexibility, enabling member states to adapt to market difficulties effectively. The European Commission welcomed this provisional agreement, asserting it would help maintain energy supply stability and encourage cooperation for the upcoming winter seasons. With gas prices having fluctuated recently, the agreement instills confidence in a stable and affordable energy market moving forward.