European Countries Seek More Flexibility on Gas Storage Targets

(Bloomberg) -- European Union member states are seeking more flexibility to meet gas storage targets over the next two years after current provisions and higher demand added to an increase in prices of the fuel.

Poland, which holds a rotating presidency over member states’ meetings, proposed replacing the Nov. 1 date for meeting filling goals with a range of Oct. 1 to Dec. 1, according to a document shared with other EU nations late on Friday and seen by Bloomberg News. The proposal follows initial talks among energy officials from national governments on a draft regulation by the European Commission to extend gas storage targets for 2026 and 2027.

A combination of colder weather, low wind generation and the loss of Russian supplies through Ukraine has caused the region to draw down inventories of gas more quickly this year. Concerns about refilling were pushing up prices and widening the spread between next summer and winter contracts. 

The commission’s proposal, unveiled March 5, obliges member states to fill fuel storage sites by at least 90% by Nov. 1 over the next two years while allowing some wiggle room. In the first draft of amendments to be proposed by member states, Poland suggested replacing the fixed date with a broader time framework and making the intermediate targets in the regulation indicative.

The first draft of amendments presented by the Polish presidency of the EU Council reflects opinions by member states to date and will next be discussed at a meeting of energy officials on March 19. It may be amended further as talks will continue in three areas: filling target, filling trajectory and additional flexibilities, according to the document.

The storage filling targets, introduced amid an unprecedented energy crisis following Russia’s invasion of Ukraine, were designed to ensure countries have enough gas to get through the heating season. Recently, however, market participants have worried that replenishing reserves will be difficult following stronger-than-expected withdrawals, and after the region lost some of its previous sources of supply.

Some EU countries signaled already earlier this year they will be pushing for looser targets, and for this year Germany was seeking an exemption. On top of that, German companies were asking to lower the national gas storage target for next winter to 80% from 90%. 

The proposal put forward by the commission is being discussed in parallel tracks by member states in the EU Council and by the European Parliament. Each institution has the right to propose its own amendments, and the final version will be ironed out in trilateral negotiations that also include the commission.

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