Eu Countries Draft Plan To Soften Gas Storage Targets, Document Shows

European Union countries are discussing making the bloc's binding gas storage goals more flexible, over concerns that the rules risk inflating gas prices, a negotiating document seen by Reuters showed.

Countries including Germany, France and the Netherlands have warned the EU's binding deadlines to fill gas storage are pushing up prices, by indicating to the market that European buyers are obliged to buy large volumes of fuel by fixed deadlines, creating an opportunity to manipulate prices.

EU member countries are now negotiating changes to the targets. The European Commission last week proposed keeping the binding targets until 2027, but EU countries and the European Parliament can amend the proposal and must approve the final rules.

A draft negotiating proposal, circulated among EU countries late on Friday and seen by Reuters, showed countries are considering changing the EU's requirement to fill gas storage to 90% of capacity by Nov. 1 each year. There could instead be a range of any time between Oct. 1 and Dec. 1.

The proposal would also make voluntary the EU's series of intermediate targets to fill gas storage caverns in the months leading up to November.

Diplomats from EU countries will discuss the proposal next week and may consider further changes to the rules.

The negotiating proposal was prepared by Poland, which currently holds the EU's rotating presidency and chairs negotiations among EU member states. Its representatives did not immediately respond to a request for comment.

The Commission has said it will be more lenient in enforcing this year's November gas storage target, but that has not soothed concerns among governments concerned about a large bill for filling their storage if gas prices spike.

The gas storage goals were introduced in 2022 after Russia slashed deliveries, to ensure EU countries had a buffer of stored fuel during the winter months when demand for heating peaks.