The European Commission has proposed that the member states of the European Union lower the mandatory target for gas storage to 80% and make broader use of the flexible mechanisms provided for by legislation. This was reported by Bloomberg, citing a letter from European Commissioner for Energy Dan Jørgensen to governments.
According to the initiative, countries will be allowed to deviate from the target level by 10 percentage points, and by another 5 percentage points in case of an unfavorable market situation. At the same time, states will have to ensure compliance with the obligations to fill the storage facilities by December 1.
The EU notes that the security of gas supply remains relatively stable due to limited dependence on imports from conflict regions. Additionally, some liquefied natural gas supplies have already been delivered through the Strait of Hormuz before the situation escalated.
At the same time, the European Union warns of potential risks to the energy market. As a major importer of energy resources, the EU may face consequences in the form of high and unstable prices, which could affect the pace of gas injection into storage facilities.
There is also an increase in competition in the global energy resources market, which has already led to rising gas prices in Europe and increased volatility in the energy sector.
