A group of major EU nations is considering easing binding natural gas storage targets after 2025 due to concerns about high gas prices making storage unprofitable. The EU currently mandates 90% storage by November 1st each year, with intermediate targets throughout 2025. However, policymakers in countries like Germany, Italy, and the Netherlands are worried about the financial viability of storage at current price levels. The EU may also extend the targets for another year beyond 2025.
A group of EU member states with the largest natural gas storage capacity have engaged in informal discussions regarding a potential relaxation of binding filling targets after 2025, according to officials speaking to Bloomberg.
Following Russia's invasion of Ukraine in 2022 and the subsequent halt of Russian pipeline gas supply to most EU countries, the European Commission established a target for EU natural gas storage levels to reach 90% capacity by November 1st of each year, in anticipation of winter demand. Intermediate targets were also set for February 1st, May 1st, July 1st, and September 1st, 2025, as the EU strives to ensure adequate gas reserves for winter usage with nearly full storage facilities. However, policymakers in a bloc of EU countries, including Germany, Italy, and the Netherlands, express concern that the elevated forward gas prices projected for the summer months would render it financially unviable for gas companies and marketers to engage in gas storage activities. Federico Boschi, head of the energy department at Italy’s Ministry of Environment and Energy, stated to Bloomberg that Italy would be receptive to requests from other EU member states, including Germany, regarding adjustments to the targets. Boschi further indicated that Italy could support a relaxation of the storage targets. Pieter ten Bruggencate, spokesperson for the Dutch energy ministry, conveyed to Bloomberg that the Netherlands favors an aspirational goal rather than a binding target for gas storage. France, Germany, and the Czech Republic are also part of this group of countries that have discussed potential easing of the targets, according to ten Bruggencate. Meanwhile, the European Union is contemplating an extension of the mandatory natural gas storage targets for its member states for at least another year beyond the current goals' expiration at the end of 2025, as conveyed by EU diplomats to Reuters at the end of last month. Prior to this winter, EU gas storage stood at approximately 95% by the November 1st deadline. However, colder winter weather, in contrast to the two milder winters preceding it, coupled with periods of low wind speeds across most of northwest Europe, have resulted in the fastest depletion of EU storage sites in eight years.
EU Natural Gas Storage Binding Targets Russia-Ukraine War Energy Prices Winter Demand
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