EU Member States Rethink Gas Storage Strategy amid Price Concerns

European Union countries are in talks to revise the bloc’s gas storage rules, aiming for more flexibility to prevent price hikes. The current deadlines may artificially raise prices by signaling buyers to purchase large volumes. A draft proposal suggests altering targets and making intermediate goals optional.

European Union nations are considering revising the bloc's binding gas storage rules to introduce more flexibility, amid fears that the current regulations could drive up gas prices. This comes as major nations like Germany and France express concerns that obligatory deadlines could encourage market manipulation by signaling an influx of mandatory purchases at fixed times.

The European Commission has proposed maintaining these binding targets through 2027, but adjustments are underway as the proposal moves through governmental and parliamentary channels. A draft under discussion hints at changing the gas storage fill requirement from a strict 90% by November 1 deadline to a more flexible range between October 1 and December 1.

Led by Poland, which holds the EU's rotating presidency, diplomats are preparing to deliberate further on the matter. The original storage targets were implemented in response to reduced Russian gas deliveries. However, with energy prices volatile, countries remain wary of the financial burden of meeting these stringent goals amid potential price spikes this coming winter.

(With inputs from agencies.)