EU countries push to extend gas storage obligations until 2027

In a significant move to enhance energy security, EU member states have announced plans to retain the regulatory requirement for gas storage facilities to be filled to at least 90 percent by the end of 2027. This intention arises in the context of ongoing energy supply challenges accentuated by geopolitical tensions, particularly the conflict resulting from Russia's aggressive actions against Ukraine. The filling obligation aims to provide stability in pricing and supply reliability during crises. The proposal was initially set forth by the EU Commission, which suggested that the filling target should be achieved by November 1 of each year, but member states now express a desire for extended flexibility, suggesting the deadline be adjusted to between October 1 and December 1 to better accommodate market fluctuations. Additionally, they seek the ability to deviate from the set target by up to ten percent in adverse market conditions, such as market manipulation or disruptions in supply. A negotiation between the EU Parliament and member states will be necessary to finalize these regulations, which stem from a gas storage regulation enacted in mid-2022 to secure gas supplies amid escalating global energy demands. The initial regulation was met with approval among EU nations, citing improvements in supply security during the ongoing energy crisis triggered by Russia's invasion of Ukraine, marking a significant collaboration effort among EU nations to bolster energy resilience.