The European Union will need to significantly increase its liquefied natural gas (LNG) imports this summer to meet gas demand and achieve storage targets, as highlighted in a recent report by the Agency for the Cooperation of Energy Regulators (ACER). To refill storage facilities to 90% capacity, LNG imports must rise by approximately 20% compared to 2024 levels, with high levels of pipeline supplies also essential. ACER’s report, issued on April 16, expressed concerns that unfavorable seasonal price spreads could impact summer storage injections, particularly amid ongoing discussions about increasing storage target flexibility.
Currently, EU member states must ensure their storage sites reach 90% capacity by November 1, although some countries have received certain exemptions from this requirement. The EU’s storage levels were notably low at the end of the last gas winter, with only 33.8% of capacity filled. The challenge of refilling storage this summer is exacerbated by market volatility and economic conditions.
ACER emphasized the importance of high LNG imports to meet the 90% target, with average imports expected to be around 10 billion cubic meters per month. While summer prices have decreased slightly, they still do not favor storage injections. Additionally, maintaining the existing 90% gas storage target presents both advantages and disadvantages.
On one hand, altering these targets could undermine regulatory trust. However, adjusting them could lead to reduced summer prices and alleviate market pressures. Lastly, the European Council is proposing revisions to storage regulations, suggesting a new timeline for achieving the 90% target, offering more flexibility for member states, especially in unfavorable market conditions.
These discussions will shape the EU’s approach to energy security in the coming years.