The European Council and Parliament have reached a provisional agreement on a proposal by the European Commission to extend a regulation requiring that natural gas storage facilities be at least 90 percent full before the winter season.
The Gas Storage Regulation was adopted June 2022 at the height of the energy crisis as a cushion against shortages. It will expire at the end of 2025. The proposal seeks to extend it to 2027.
“The agreement keeps the existing binding target of 90 percent of gas storage but provides flexibility to reach it anytime between 1 October and 1 December instead of the current 1 November deadline”, a Council statement said.
“Council and Parliament agreed that intermediary storage targets are indicative, to give predictability of storage levels while leaving sufficient flexibility for market participants to purchase gas throughout the year when it is more convenient”.
“The agreement reached today would help member states to react swiftly to constantly changing conditions and to take advantage of the best purchasing conditions, while ensuring security of gas supply and the correct functioning of the internal market”, the Council added.
Both institutions now need to endorse the provisional deal.
“The prolongation of gas storage obligations for the next two years will significantly contribute to maintaining the EU’s security of energy supply and gas market stability by incentivizing preparations for the upcoming winter seasons in a coordinated manner across the Union”, the Commission said separately.
“The European Commission will work closely with the Member States to ensure an optimal gas storage refilling and the achievement of the target, including by exploring the full potential of the demand aggregation and joint purchasing”, the Commission added.
AggregateEU, a mechanism in which gas suppliers compete to book demand placed by companies in the EU and its Energy Community partner countries, had also been initially only meant for the 2023-24 winter season. However, citing lessons from the prolonged effects of the energy crisis, the EU made it a permanent mechanism under a regulation adopted June 13, 2024.
Earlier this month the European Commission proposed legislation that would stop the importation of natural gas, oil and oil products from Russia into the European Union by 2027.
“The Commission will work hand in hand with all Member States, especially those that may face challenges because of this”, Energy and Housing Commissioner Dan Jorgensen said in a statement June 17. “No Member State will be left without energy as a result of this proposal”.
The proposal needs to be adopted by both the European Parliament and Council.
To contact the author, email jov.onsat@rigzone.com
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