The Industry, Research and Energy Committee has backed the Commission proposal to extend the EU’s 2022 gas storage scheme until 31 December 2027; it was otherwise set to end in 2025. The provision is designed to ensure security of gas supply ahead of the winter season.

This legislative proposal also provided MEPs with the opportunity to introduce a number of amendments to the existing regulation. These changes are aimed at easing tensions in the gas market partly generated by market anticipations stemming from the scheme’s compulsory target of a 90% fill rate by 1 November each year.

To this end, MEPs propose reducing the filling target from 90% to 83% to help balance energy security with market-based principles and bring down gas prices. The target would have to be met at any point in time between 1 October and 1 December each year. Member states would be allowed to deviate by up to four percentage points from the filling target in the event of unfavourable market conditions,…