New EU law for gas stocks: more stable prices and less speculation

The European elected officials extended the obligation to store natural gas, introduced for security of supply, amid the multiple crises triggered by the COVID-19 pandemic, but introduced flexibility measures, designed to help operators, remove speculation from the market and thus reduce prices, according to gandul.ro.

According to the statement sent by the European Legislature, the EP supports the flexibility of replenishing gas stocks in order to reduce prices. In short, MEPs voted to extend the 90% stockpiling obligation by two years, until the end of 2027, a target that must be reached every year between 1 October and 1 December, adopt greater flexibility in the rules for replenishing stocks in the event of difficult market conditions and more transparency regarding the share of gas coming from Russia.

The new law, voted by MEPs, provides for the amendment of the regulation, already agreed between MEPs and the Council, which will extend the EU gas storage scheme from 2022 until 31 December 2027, which would otherwise have expired at the end of 2025.

The provisions were adopted by a majority of votes, with 542 votes in favour, 109 against and 30 abstentions. The draft voted by the elected representatives will now have to be formally approved by the Council before publication in the Official Journal of the EU.