EU to change gas purchase rules amid Russia's war against Ukraine
Photo: EU energy commissioner Dan Jorgensen (Getty Images)
EU countries have reached an agreement with the European Parliament to ease gas storage rules. The decision was made to prevent excessive gas price spikes, according to Reuters.
The EU’s gas storage rules were introduced in 2022 to ensure European countries had enough fuel reserves for the winter. This came after Russia slashed gas supplies following its full-scale invasion of Ukraine, which triggered a sharp spike in gas prices across Europe.
In April of this year, EU countries backed plans to ease gas procurement rules ahead of the winter season. Previously, member states were required to fill gas storage facilities to 90% capacity by November 1. However, this deadline raised concerns in the EU about inflated gas prices.
Under the current agreement, EU countries are now allowed to reach the 90% storage target any time between October 1 and December 1.
"The European Union needs stable energy supplies at affordable prices to prosper. Gas storage is a key contributor to our security of supply and market stability. It also protects us from Russia's energy weaponisation and market manipulation," said EU energy commissioner Dan Jorgensen.
EU's move away from Russian gas
The European Commission has presented a plan to ban imports of Russian gas by the end of 2027. Notably, individual member states will not have the power to block this initiative.
However, several countries, including Hungary and Slovakia, have already voiced opposition to the Commission’s proposal.
Amid rising tensions in the Middle East, Hungarian Prime Minister Viktor Orbán has suggested the EU abandon its restrictions on Russian oil and gas.
