European Union Responds To Russian Gas Cuts With Mandatory Storage

Members of the European Union on Monday agreed that natural gas storage for all 27 nations should be filled up to at least 80% of total storage capacity for the coming winter, as the bloc braces itself for Russia squeezing supplies further.

The EU Council on Monday adopted the gas storage regulation which was proposed by the European Commission in March. 

“Since the beginning of Russia’s invasion of Ukraine we have known that a very serious disruption is possible, and now it seems likely,”  said EU energy commissioner Kadri Simson after a meeting of energy ministers on Monday.

Moscow has reduced or even completely cut off gas supplies delivered through the Nord Stream 1 pipeline to 12 of the 27 EU countries, including Germany and Italy, which are heavy importers. Those who have been cut off completely include Poland and Finland.

During a summit in Brussels last week, heads of state and government agreed that the EU should step up and coordinate all preparations for further disruptions. The European Commission will present a plan next month. 

EU leaders have agreed to look for other suppliers, and they have also already increased deliveries from the United States, Norway, Algeria, and Azerbaijan. Before the Kremlin’s unprovoked onslaught in Ukraine, the EU used to source 40% of its natural gas from Russia.

According to data from Gas Infrastructure Europe, the combined gas storage level in the EU is almost 57% full, with different levels of storage across the nations. Germany’s storage, for example, is 57% full, Hungary is about 39% full, while Poland is 97%.

The regulation also requires EU nations to fill underground gas storage to 90% capacity before the winter of 2023-2024.


Information for this briefing was found via Reuters, Twitter, The Globe and Mail, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Eurozone Inflation Soars to 2% for First Time Since 2018

In yet another sign that mounting inflation is becoming pronounced around the globe, for the...

Wednesday, June 2, 2021, 03:34:00 PM

EU Economy Suffers 11.7% GDP Decline, While Labour Market Sheds 5.5 Million Jobs

The impact of the coronavirus pandemic on economies is becoming more evident, as many countries...

Sunday, August 16, 2020, 02:50:00 PM

Twitter’s Brussels Office Has Allegedly Been Disbanded, Raising Concerns Among Regulators

Twitter has disbanded its entire Brussels office, leaving European Union officials concerned over how the...

Sunday, November 27, 2022, 09:00:00 AM

Trump Unleashes 25% Tariff On EU: “They’re Formed To Screw The US”

In another episode on tariff threats, President Donald Trump has announced plans to impose sweeping...

Thursday, February 27, 2025, 09:32:00 AM

Europe Importing More Russian Oil Than Before Sanctions

The EU is importing more Russian oil than before western leaders imposed crippling (or what...

Thursday, June 9, 2022, 12:33:00 PM