European Commission has called on EU countries to start filling their gas storage facilities earlier
The European Commission has called on EU countries to review their approach to building up gas reserves amid the energy instability caused by the war in the Middle East.
According to Censor.NET, the Financial Times reports this.
In a letter to the governments of member states, European Commissioner for Energy Dan Jørgensen proposed lowering the target level for gas storage to 80% of capacity.
Details
It is noted that the current EU benchmark calls for a higher occupancy rate, but officials in Brussels believe it would be appropriate to temporarily reduce it by 10 percentage points.
In addition, countries are advised not to wait until the peak summer period to build up gas reserves, but to start filling storage facilities gradually starting now. According to the European Commission, this approach will help avoid a sharp spike in demand and additional pressure on prices.
In his letter, Jørgensen emphasized that the EU's energy supply currently "remains relatively secure," but the situation requires coordinated action by all countries.
Context
The European Commission's initiative came amid growing tensions in the energy markets following the escalation of the conflict in the Middle East.
It was previously reported that Iran had disabled one of Qatar’s key gas processing facilities, heightening the risk of supply shortages.
Following this, gas prices in Europe rose to their highest levels in three years. The European Central Bank warned that a prolonged disruption in supply could push inflation in the eurozone up to 6.3% and trigger a brief recession.
Iran’s blockade of the Strait of Hormuz, one of the key energy transport routes, has become an additional risk factor. According to estimates, Italy has been hit hardest by this.
