Underground storage facilities contribute to the security of gas supply by providing gas for heating in winter and in the event of high demand, protracted disruption or even interruption of gas supplies. On June 29, 2022, the European Parliament adopted Regulation (EU) 2022/1032, setting the target for filling gas storage facilities in the EU to at least 90 per cent of their capacity. As highlighted by Commissioner for Energy Kadri Simson “It is key that we already start preparing for the winter of next year. We have to minimise the impact of Russian manipulations and possible hikes in demand due to weather or global market conditions. Setting a trajectory now for 2023 provides market operators with much-needed certainty and helps the EU go through next year’s winter safely”[1].
Cleary Posts:
- June 30, 2022: The European Union has adopted a new Gas Storage Regulation to foster security of gas supply
[1] See European Commission, Daily News, November 24, 2022, Brussels, available here.