The agreement, which maintains the goal of 90% gas storage and introduces additional flexibilities for member states to adapt to constantly evolving market conditions and address potential market manipulations, still requires formalization by the two co-legislators.
Member states can respond swiftly to ever-changing conditions while taking advantage of the best purchasing conditions, ensuring the security of gas supply and the proper functioning of the internal market.
Maintaining the current binding target of 90% gas storage, the text provides flexibility to achieve this at any time between October 1 and December 1, rather than the current deadline of November 1.
The Council and Parliament agreed that interim storage targets are indicative, allowing market participants flexibility to purchase gas throughout the year when most convenient.
The proposal aims to reduce the EU’s exposure to price volatility associated with geopolitical instability following Russia’s war of aggression against Ukraine, launched on February 24, 2022.
