Acknowledging the critical role of underground gas storage in securing Europe's energy needs, Commissioner Dan Jørgensen addressed the European Parliament to discuss upcoming changes to the EU gas storage regulation ahead of the winter. Reflecting on the 2021-2022 winter crisis caused by Russia's deliberate underfilling of storages and subsequent supply weaponization, Jørgensen underscored the indispensable nature of gas storage covering approximately 35% of EU winter demand, crucial for preventing shortages and price spikes.
The 2022 regulation established a mandatory 90% storage target, an effective deterrent against supply disruptions during geopolitical tensions and volatile markets. However, the unexpected negative summer-winter price spreads last winter—causing unease among member states and traders—have prompted the Commission to consider increased flexibility. This includes making intermediate storage targets indicative and permitting adjustments to filling obligations under unfavorable market conditions.
This proposed flexibility aligns with the Clean Industrial Deal and the Commission's March recommendations, aiming to balance energy security with market realities. The extension of the regulation's provisions until December 2027 supports continued preparedness until a broader review of the EU's energy security framework is completed.
Key stakeholders affected include EU producers and traders who may benefit from less rigid targets mitigating price risks, and national authorities tasked with implementing and monitoring compliance amidst changing conditions. Consumers could see more stable energy prices due to reduced market volatility, while EU regulatory bodies gain a mandate to allow conditional deviations, enhancing adaptive governance but potentially complicating oversight.
preserving strong EU energy security measures while embracing flexibility to ease market pressures. The Parliament's vote scheduled for the following day holds the potential to endorse this balance, impacting the EU's capacity to manage gas supply risks through winter and beyond.