Draft shows EU will work to more flexible filling targets for gas storage

A draft EU document revealed that the European Commission would work to develop more flexible targets so EU countries can fill their gas storage before winter. This follows concerns from some governments about Europe's strict deadlines for filling up.

In 2022, after Russia cut gas supplies to Europe, the European Union introduced its current targets. Member countries must fill their storage caverns up to 90% capacity by November. Intermediate targets are February, May July and September.

The draft document of the European Commission, which is due to be released next week, states: "The Commission, in conjunction with the extension of the Gas Storage Regulation, will work with the member states to promote more coordinated, flexible, and dynamic gas storage refilling targets, including with Dynamic Targets."

The document added that this will "reduce the stress on systems associated with gas storage refilling".

Germany and the Netherlands, among others, have asked the EU to relax its filling requirements. They claim that the EU's fixed targets are a signal to the market to European buyers that they must buy gas, which drives up prices and leaves a large bill for countries that have large storage facilities.

On Wednesday, a senior EU official said that the goal was to use flexible dates or levels of filling when setting targets to avoid traders using fixed deadlines for refilling to speculate and increase prices.

According to the draft EU document, by the end March, the Commission will make a proposal to extend the deadlines beyond 2025.

Germany, which has some of the largest storage caverns within the EU, and the Czech Republic also want to change the goals set for this year.

This document is the draft for "Clean Industrial Deal" by the European Commission, a package to support European industry. It is scheduled to be released on 26 February.

Gas Infrastructure Europe's data show that EU gas storage sites fell to 44% over the weekend after cold weather and decreased Russian supplies led to a faster drawdown. (Reporting and editing by Kate Abnett, Julia Payne)

(source: Reuters)