The European Parliament supports gas storage flexibility to cut prices
Brussels on July 9 / WAM / The European Parliament approved a law aimed at addressing speculation on the gas market and reducing prices, by introducing a greater amount of flexibility in the rules for refunding gas storage.
The list, which was already agreed upon between members of the European Parliament and the Council, will extend the gas storage plan for the European Union for the year 2022 until December 31, 2027, as it could have ended at the end of 2025 and this ruling was designed to ensure the security of gas supplies before the winter.
The members of the European Parliament and the Council also made many amendments to alleviate tensions in the gas market, as the speculation surrounding the current mandatory packing rate of 90% by November 1 of each year increased the cost of filling during the summer.
The text will allow member states to achieve the goal of fulfillment by 90% at any time between October 1 and December 1, as soon as the goal of 90% should be achieved, it should not be required to maintain this level until December 1.
Member countries should have the ability to deviate by up to 10 percentage points from the goal of packing in the case of difficult market conditions, such as speculation indicators that impede the filling of effective storage in terms of cost and the committee may increase this deviation by five other percentage points through an authorization law, for one mobilization season, if these market conditions continue.
The competent authority that monitors the re -mobilization of gas in each member state must provide information about the share of the gas origin in the Russian Federation that is stored, in line with the European Commission’s proposals on June 17 and this is supposed to help monitor whether Russian gas is a store in the European Union.
Parliament supported the draft law by a majority of 542 votes compared to 109 votes and 30 members abstaining from voting, and it will now have to be officially approved by the Council before it was published in the Official Gazette of the European Union.
Gas storage facilities provide 30% of the Federation’s gas consumption during the winter months.
Energy security in the European Union has been a great concern in recent years, not the least in light of its dependence on non -European Union countries in the initial energy supplies.
The 2022 energy crisis, which was exacerbated by the Ukraine war, shed light on the urgent need for additional measures to ensure stable energy supplies at reasonable prices.
Among them, the European Union has introduced new rules for storing gas, however, the global gas market is still narrow, while increasing competition for liquefied natural gas supplies and continuing price fluctuations.
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