BRUSSELS, March 24 (Reuters) – European Union countries are discussing a proposal that would allow them to adjust the bloc’s target for filling natural gas storage to 90% before winter. This would apply if market conditions make reaching the target too expensive, according to a document reviewed by Reuters.
The European Commission recently proposed extending the EU’s mandatory gas storage deadlines for two more years, until 2026 and 2027. However, this plan has faced opposition from some EU governments who are concerned that the rules could drive up gas prices.
A draft proposal currently under negotiation would allow EU countries to fall short of the 90% storage target by up to 5 percentage points. This flexibility would apply if market conditions make it difficult to fill gas storage as required.
In addition to this, EU countries are considering removing the fixed November 1 deadline for meeting the 90% target. Instead, they would have a window from October 1 to December 1 to meet the storage goal.
Countries such as Germany, France, and the Netherlands are worried that the current rules could push up prices by signaling to the market that European buyers must purchase large volumes of gas by fixed deadlines. This could create opportunities for price manipulation.
The proposed changes would also make the EU’s interim storage targets in the months leading up to November optional.
These gas storage targets were introduced in 2022 after Russia reduced gas deliveries following its invasion of Ukraine. The targets were meant to ensure that EU countries had enough fuel in reserve for winter, when heating demand is high.
The proposal was drafted by Poland, which holds the rotating EU presidency and chairs negotiations among EU member states. A spokesperson for Poland’s EU presidency declined to comment on the ongoing discussions.
Once the countries reach a consensus on their negotiating position, which is expected in the coming weeks, they will negotiate the final rules for gas storage in 2026 and 2027 with the European Parliament. The draft document also mentioned that Poland would continue working on further adjustments to the proposal, including changes related to market conditions and the use of low-calorific gas.
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