Germany, France Push to Lower EU Gas Storage Goal From Next Year

(Bloomberg) -- Germany and France are among a group of countries pushing to lower the European Union’s headline target for filling gas storages over the next two years.

That objective of ensuring inventories are 90% full by Nov. 1 is designed to provide the region with energy security through a cold winter. However, some nations complain that the goal’s rigidity can contribute to market speculation, as traders anticipate purchases before the deadline.

Countries including the Netherlands, Slovakia and Hungary are pushing for an additional 10% flexibility, which would effectively lower the pre-winter threshold to 80%, according to people familiar with the matter. The talks are taking place as part of a proposed extension to the storage filling rules through 2027.

“We support less rigid storage level requirements,” a spokesperson for the German government said Thursday. “More flexibility can ensure that the pressure to fill all gas storage facilities equally decreases and that market conditions normalize.”

A combination of colder weather, low wind generation and the loss of Russian supplies through Ukraine has caused the region to draw down gas inventories more quickly this heating season. Concerns about replenishing stocks have pushed up prices and widened the spread between next summer and winter contracts. 

Poland, which holds the rotating presidency of the EU, has already put forward a number of additional flexibilities for member states, including replacing the Nov. 1 deadline with a range from Oct. 1 to Dec. 1. Germany, France and the other countries made the push for additional concessions at a meeting on Wednesday, the people said, asking not to be named as the matter is private.

Discussions are so far taking place on the extension to 2026 and 2027, and not the current storage filling season. Earlier this month, the European Commission, the bloc’s executive branch, signaled in published recommendations that it would be lenient over this year’s objectives.

It’s not clear yet to what extent Poland will take into account the demands by France and Germany in the next draft of member states’ position on the regulation. 

The commission is currently unwilling to accept any weakening of the overall goal, which it deems as essential for energy security, according to the people. Member states need to agree a joint stance before talks take place with the European Parliament over the final shape of the regulation.

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