Considering the market volatility stemming from the conflict in the Middle East, the European Commission is calling on EU countries to start gas filling season and preparations in a coordinated manner and in time for next winter.
The EU security of energy supply remains protected at this stage due to the limited reliance on imports from this region and liquified natural gas (LNG) cargoes that passed the Strait of Hormuz before the conflict. But timely and coordinated preparations are key to ensure proper gas storage refilling for the next heating season, adapting to market circumstances and applying flexibilities.
Energy and Housing Commissioner Dan Jørgensen said:
‘We are much better prepared compared to 2022 thanks to collective political choices, coordinated diversification efforts and accelerated roll-out of homegrown energy. But our exposure to volatile global market is clear and we need to make sure we act already now on winter preparedness and that we do so in a coordinated manner. Starting storage injections as early as possible would allow us to benefit from a longer injection period and adapt to market circumstances to mitigate pressure on prices and avoid end-of-summer rush. Amid these difficult times, it is crucial that we do our utmost to protect our citizens and businesses.’
In a letter addressed to all EU energy ministers, the Commissioner recalled that the EU Gas Storage Regulation offers EU countries greater flexibility in achieving their storage filling targets to swiftly react to changing market conditions. This flexibility, including the possibility to reduce the filling target or achieving it in a longer time span under certain conditions, can help reduce the gas demand at times when the supply is tense and ease the pressure on gas prices in Europe.
