Brussels – There is no cause for concern regarding the security of gas supply in the EU. This is, once again, the conclusion reached by the Gas Coordination Group, which met yesterday (24 September). Three weeks on from the last meeting, therefore, the situation remains unchanged: “ Despite lower storage levels compared to historical levels…EU gas supply remains stable”, according to the European Commission’s statement issued at the end of the meeting.
However, this assessment comes at a time when the energy situation remains particularly sensitive. The crisis in the Strait of Hormuz continues to weigh on international energy markets, fuelling volatility in both oil and gas prices, not least given the difficulties in transporting LNG supplies from the Gulf. The International Energy Agency (IEA) reported in recent weeks that there is fresh upward pressure on oil prices linked to export disruptions from the Middle East.
Compared with the 3 September meeting — when the EU executive stressed that the Union was “better prepared” thanks to supply diversification, increased LNG import capacity and lower demand — no new elements have emerged that call the system’s resilience into question.
However, vigilance remains high. The Commission reiterated that it will continue “monitoring the situation very closely in cooperation with EU countries and stakeholders.” A further meeting of the Gas Coordination Group, in an expanded format to include industry associations, is already scheduled for 8 October.
During yesterday’s meeting, the European Network of Transmission System Operators for Gas (ENTSOG) also presented preliminary findings to be included in the report on the EU’s winter preparedness, which is due to be published at the Group’s next meeting.
Also on the agenda is the application of the gas supply rules set out in Article 6 of the Regulation on security of supply. The Group has confirmed that, subject to the conditions set out in the regulation, supply to so-called “protected customers” – in particular households and essential services – remains guaranteed even in the event of serious adverse events.
The message from Brussels, therefore, remains the same as that issued in early September: no emergency measures are currently required, but the situation continues to warrant close monitoring, particularly in the run-up to the winter season and in a market still exposed to geopolitical tensions.
English version by the Translation Service of Withub
