The European Union has adopted a new Gas Storage Regulation to foster security of gas supply

Storage Filling target.

On June 29, 2022, the European Parliament adopted Regulation (EU) 2022/1032 to protect against risks of future supply disruptions. Pursuant to the Regulation, gas storage facilities in the EU must be filled to at least 90% of their capacity (see current storage filling levels here). The 90%[1] filling target must be reached “by 1 November each year”, i.e., before wintertime. Intermediate targets apply through the year.

Solidarity. To share the financial burden involved in filling EU storage capacities, Member States lacking storage facilities on their territories must store 15% of their annual domestic gas consumption in Member States with storage facilities.

Certification of storage system operators. Authorities of each Member State are in charge of ensuring that storage system operators are free from external influence which could endanger security of supply or “any other essential security interest at national, regional or Union level”. The authorities can make certification subject to conditions, including that the storage system owner or storage system operator transfer management of the storage system. If certification is refused, the authorities can require disposal of the shareholding or rights over the storage system ownership or storage system operator. They can also adopt interim measures.

[1] Please note that: (1) For 2022, on a transitional basis, the 90% target is reduced to 80%; (2) had a Member State significant storage capacity (in excess of its gas demand), the 90% filling target could be reduced up to 35% of its average annual gas consumption over the past five years.