New EU regulation on gas storage

Briefing 15-06-2022

The Russian invasion of Ukraine in February 2022 has triggered serious concerns about EU energy security. The problem is particularly acute in the gas sector, where Russia is the leading third-country supplier, on which several Member States are heavily dependent. To ensure the EU is prepared for the risk of an interruption of gas supplies next winter, the Commission has proposed an urgent regulation on gas storage, requiring Member States to: fill in at least 80 % of their storage capacity by 1 November 2022 (rising to 90 % in subsequent years); carry out the certification of all gas storage system operators; and provide a 100 % tariff discount on entry and exit points into gas storage. The Commission proposed that this urgent regulation be agreed under an expedited procedure by the Parliament and the Council, so that it could start taking full effect from summer 2022. The co-legislators proceeded to swiftly negotiate a text, with agreement reached after trilogue negotiations on 19 May 2022. The agreed text was endorsed in the ITRE committee on 2 June 2022 and is to be voted during the June II plenary session. It must also be adopted by the Council of the EU, before it can enter into force. The agreed text endorses the core tenets of the Commission’s proposal but also takes account of national variations and the need for flexibilities in the gas market. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.