On Wednesday 5 March, the European Commission proposed a two-year extension, until the end of 2027, of the regulation on gas storage in order to contribute to the EU’s security of supply, while stressing the need for flexibility so that the Member States can achieve the target of 90% gas storage capacity by 1 November, against a backdrop of volatility on the gas markets.
Since the adoption of the amended regulation in 2022, the EU has always achieved the 90% target before the deadline (see EUROPE 13516/14), but the winter of 2024-2025, which was colder than the last two years, caused gas reservoir levels to fall more quickly. It should also be noted that competition for global LNG supplies has increased, and that exposure to price volatility is greater than in the past.
As a result, on 3 March 2025, gas storage levels in the EU were below 38%, compared with 62% at the same time in 2024 (see EUROPE 13576/21), which will require Member States to make a greater effort to reach the 90% target and, before that, the intermediate filling targets set on 1 February, 1 May, 1 July and 1 September (see EUROPE 13535/5).
These intermediate targets are criticised for the risk they pose of market distortions and price speculation (see EUROPE 13585/14). While the Commission is not abandoning them, it is specifying that they are “indicative”.
More generally, the Commission states that the general framework “must be sufficiently flexible during the filling season to allow a rapid reaction to constantly changing market conditions and, in particular, to take advantage of the best purchasing conditions”.
The recommendation accompanying the Commission’s proposal also calls for the measures drawn up by Member States to comply with stockholding obligations “not to distort the internal energy market”.
In addition, it points out that certain specific flexibilities exist, in particular for countries that are experiencing technical problems and are therefore authorised to reach the filling target on 1 December. The Commission may therefore consider that “specific market conditions leading to exceptionally low injection tariffs” are on an equal footing with specific technical characteristics.
The proposal is accompanied by a report on the operation of the regulation and solidarity.
To see the Commission’s proposal: https://aeur.eu/f/fqv
To see the recommendation: https://aeur.eu/f/fqx
To see the report: https://aeur.eu/f/fqy (Original version in French by Pauline Denys)