EU Nations Seek Flexibility in Gas Storage Targets Amid Rising Prices

European Union countries are discussing easing binding gas storage targets due to concerns about rising prices. While originally introduced as a buffer against supply shortages, the targets are set to extend to 2027. Some EU nations are calling for more flexible terms to prevent market manipulation.

European Union countries are advocating for a relaxation of the bloc's stringent gas storage targets, following concerns that these goals are inflating prices. This development comes amidst closed-door meetings where nations like Germany, France, and the Netherlands voiced alarm over market manipulation risks.

The current binding deadlines, which require gas storage to reach 90% capacity by November 1 each year, were established in 2022 to withstand supply shortages after Russian exports declined. However, a European Commission proposal to uphold such targets until 2027 is facing opposition.

During a Wednesday diplomatic assembly, EU nations supported making intermediate targets voluntary and considering more flexibility for final goals. These negotiations are taking place ahead of discussions with the European Parliament, potentially altering EU gas storage policies.

(With inputs from agencies.)