Brussels: The Council of the European Union announced the adoption of a legislative amendment on Friday, extending the current gas storage filling rules for an additional two years. The decision aims to mitigate the EU's vulnerability to gas price volatility, particularly amidst the ongoing conflict between Russia and Ukraine, while balancing energy security with a gradual return to market-based economic principles. According to Kuwait News Agency, the new amendment upholds the binding target of filling 90 percent of gas storage capacity. It provides member states with increased flexibility to achieve this target between October 1 and December 1, adjusting the previous deadline from November 1. The amendment also introduces a 10 percent flexibility margin to address potential challenges in filling storage, with the option to increase this margin by an additional 5 percent through a delegated act by the European Commission if market conditions remain challenging. Intermediate gas storage targets will now be indicative rather than binding, granting market participants more liberty to purchase gas when prices are advantageous throughout the year, while ensuring safe storage levels are maintained. The council's adoption of the amendment marks the conclusion of the legislative process, with the regulation set to become effective the day after its publication in the Official Journal of the European Union.
