EU Redefines Gas Storage Rules for Winter Preparation

The European Union has agreed to relax gas storage rules for winter, addressing concerns over inflated gas prices. Ambassadors have approved a deviation from the 90% storage requirement, conditional on unfavorable market conditions. Final rules negotiations will occur with the European Parliament.

The European Union countries have reached an agreement to modify the existing gas storage rules, easing concerns about increased gas prices. The relaxed regulations were agreed upon during a meeting of EU ambassadors on Friday.

The approved changes will allow countries to fill gas storage 10 percentage points below the current requirement of 90% capacity ahead of winter, given that market conditions are unfavorable. This move aims to mitigate the economic impact of binding storage obligations.

Moving forward, EU nations will negotiate the final set of rules with the European Parliament, with changes possibly affecting filling targets for 2026, 2027, and November this year if approved in time. This reflects EU's efforts to ensure energy stability while being responsive to market dynamics.

(With inputs from agencies.)