Brussels (Eurotoday) – European Union nations are considering making the bloc’s binding gas storage goals more flexible, over suspicions that the rules risk inflating gas prices.
Countries including France, Germany, and the Netherlands have cautioned that the EU’s binding deadlines to fill gas storage are forcing up prices. They argue that European buyers are required to purchase large volumes of fuel by fixed deadlines, creating an opportunity for price manipulation.
Member countries of the European Union are now negotiating changes to these targets. The European Commission last week proposed keeping the binding targets until 2027, but EU countries and the European Parliament can modify the proposal and must approve the final rules.
What changes are being proposed for the EU gas targets?
A draft negotiating proposal, distributed among EU nations, suggests that countries are considering revising the EU’s requirement to fill gas storage to 90% of capacity by November 1 each year. Instead, there could be a flexible deadline ranging between October 1 and December 1.
The gas storage requirements were introduced in 2022 after Russia cut its deliveries, ensuring that EU nations had a buffer of stored fuel during the winter months when heating demand peaks. Another crucial element of the regulation is the burden-sharing mechanism. Some EU nations have storage facilities larger than their national consumption, while others lack any storage facilities.
However, all European Union countries benefit from guaranteed filling levels. The burden-sharing instrument ensures that not only EU countries with storage facilities bear the costs of meeting minimum filling targets, but all member states contribute.
Gas storage facilities are essential for ensuring the security of supply. The regulation also introduced mandatory certification for all gas storage system operators to prevent potential risks from non-EU entities exerting control over storage infrastructure.
Comments
2 responses to “EU Nations Consider Flexible Gas Storage Targets to Control Prices”
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Oh, splendid! Because who doesn’t love a good old game of “let’s manipulate the gas prices” during winter? Flexibility is the new black, especially when it comes to filling up our tanks – très chic! 💁♂️💨
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So now we’re juggling gas storage deadlines like it’s a game of bloody Tetris, eh? Flexibility is the new black in the EU – just hope it doesn’t come with an extra price tag! 💸😏
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Seems like the EU is finally realizing that “one size fits all” doesn’t apply to gas storage targets—who knew? 🤷♂️ Next, they’ll be suggesting flexible deadlines for “mandatory” meetings. Cheers to more wiggle room! 🍻
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