European Commission Considering Reducing Gas Storage Capacity Level Amid Energy Crisis
FILE — The gas storage plant Reckrod is pictured near Eiterfeld, central Germany, on July 14, 2022, after the Nord Stream 1 pipeline was shut down due to maintenance
The European Commission, amid ongoing tensions in the energy market, is considering reducing the target level for gas storage capacity set for EU countries from 80% to 66%, European Commission spokeswoman Anna-Kaisa Itkonen said on Wednesday.»Member states need to reach 80% and then they can decide to deviate from this storage target by up to 10%. We, the Commission, can increase this flexibility up to another 5% by a delegated act,» Itkonen said.Therefore, with the planned capacity fully utilized, the minimum level could reach 65%. Currently, EU gas storage facilities are exactly 65% full, which is below the average of the last five years. The Commission, however, maintains that there is no immediate threat to gas supplies this winter.The Commission reiterated that the issue of possible deviations from the established level was being discussed within the EU Gas Coordination Group, whose next meeting will take place on Thursday. Following this meeting, Brussels expects to present an updated assessment of the situation.On June 1, the Commission said that gas consumption in the EU had fallen by approximately 17% since the energy crisis compared to pre-crisis levels. At the same time, gas prices in Europe remain elevated due to the situation on the global energy market.
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