The European Parliament voted Thursday in favor of a softening of EU rules in the filling of gas stocks, sharing the concerns of the Member States which fear that the objectives are likely to increase energy prices.
The EU rules in terms of gas storage were introduced in 2022 to ensure that EU countries have a fuel reserve stored during the winter, after Russia reduced its gas deliveries following its large -scale invasion of Ukraine, causing the prices of gas in Europe.
However, governments have supported plans last month to soften these rules before winter, fearing that the obligation to fill the tanks to 90 % of their capacity by November 1 would increase prices, indicating to the market that European buyers should buy large quantities of gas before this date.
The European Parliament approved Thursday the lowering of the 83 % fulfillment target and authorized countries to reach it at any time between October 1 and December 1.
Countries should also be authorized to deviate from the target of 83 % of four percentage points in the event of unfavorable market conditions, such as high gas prices, said parliamentarians.
Thursday’s vote is strengthening the probability that EU’s objectives are relaxed before this winter.
The changes will apply to the EU stocks filling objectives for 2026 and 2027. However, if they are approved in the coming months, they will also apply to the objective of this year’s November.
Parliament and EU countries will now negotiate the final rules, in order to approve a final agreement around the month of July.
The negotiation position of EU countries is similar to the changes supported by Parliament on Thursday, countries wishing a reduction of 10 percentage points of the target of 90 % in the event of unfavorable market conditions.
The reference prices of gas in the EU have dropped since February, falling to their lowest level for almost nine months last month, in reaction to the concerns linked to the economic repercussions of the trade war led by US President Donald Trump, as well as the desire to soften the stocks filling in Europe. (Report of Kate Abnett; edited by David Evans)
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