After anxious weeks regarding gas supplies last winter, EU countries voted on Thursday for a minimum level of mandatory gas reserves. Under these rules, countries must fill their storage facilities to 80 percent this year to secure energy supplies – the deadline is November 1. In the coming years, the target will even rise to 90 percent.
The obligation will expire at the end of 2025, the EU Council has announced – the European Commission had proposed a law in March to secure gas supplies in view of the war in Ukraine and to curb price volatility. The EU has decided to get rid of Russia’s energy supply as soon as possible. In Germany, a new gas storage law has been in force since April 30, according to which the storage facilities must be 90 percent full by November 1 of this year.
Commission checks filling levels
The new EU law requires that the filling levels of the gas storage tanks are monitored all year round by the federal states and the Commission. Countries can use financial incentives, among other things, to induce gas suppliers to store gas despite high prices. In addition, in the future, operators must obtain a permit that can be revoked if they endanger the energy supply, for example due to low levels. If operators lose their license, they have to sell shares or can be expropriated.
Countries without storage get access
The EU institutions also agreed to include stocks of liquefied natural gas (LNG) in the storage quantities. In addition, the obligations for states that have particularly large storage facilities that they do not fully use themselves should be adapted.
EU countries that do not have gas storage facilities must have access to reserves in other countries and bear the costs. There should be exceptions to the mandatory reserves for Cyprus, Malta and Ireland, as long as they are not linked to the gas networks of other EU countries.
The decision on the law still needs to be ratified by the Council of the EU states and the European Parliament, but this is seen as a formality.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
