EU plans to relax gas storage targets for member states

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Financial Times 12h ago

EU plans to relax gas storage targets for member states - Financial Times

Quick Summary:

Traders say the regulation contributed to the distortion of the market by forcing countries to buy at the same time.“In effect, the regulation enforced to safeguard the market next winter has actually distorted the market much earlier,” said one trader.

Gas in storage acts as an important buffer for the bloc during the winter months when demand is highest, reducing market volatility.

This winter, a combination of colder weather, low power generation from wind and the loss of Russian pipeline gas through Ukraine since the new year has meant the region has had to draw more from its storage than in previous years.