EU Parliament approves extension of gas storage scheme

Brussels – The European Parliament approved new rules to secure gas supplies for the winter, combat speculation, and reduce prices on Tuesday (8 July).

Gas storage covers about 30 percent of the EU’s winter energy needs. Energy security is a priority, accentuated by dependence on external suppliers, the 2022 crisis, and the Russian invasion of Ukraine, which prompted the EU to introduce new rules on storage. Despite this, the global gas market remains under pressure due to competition for LNG and price volatility. 

A broad majority approved the extension of the 2022 gas storage scheme until 31 December 2027, aiming to secure supply for the winter. The text will allow member states to achieve the 90 percent filling target at any point between 1 October and 1 December. Once the 90 percent target is met, it should not be required to maintain that level until 1 December.

In line with the Commission’s proposal of 17 June, to ensure gradual independence from Russian gas, member states provide information on their share of gas originating from Russia. This should help with monitoring whether Russian gas is stored in the EU. 

“The 2022 legislation showed that Europe was able to protect its citizens in a situation where Russia was using gas as a weapon of blackmail,” said the measure’s rapporteur, Borys Budka (EPP, Poland). “This revision will provide for more flexibility and less bureaucracy, but, above all, it will bring Europe’s gas prices down, while we continue advancing towards energy independence from unreliable suppliers.”

 This regulation will now have to be formally adopted by the EU Council before publication in the Official Journal and then enter into force.