IOGP Europe opposes any extension of the EU gas storage target to 31 December 2027

The Russian invasion of Ukraine in 2022 triggered an unprecedented energy crisis in recent years, prompting the introduction of mandatory gas storage targets through
amendments to the Security of Supply Regulation. The target mandates a 90% storage filling target by 1 November each year, including intermediate targets, and is due to expire on 31 December 2025.

As times change, so should our solutions.
That's why We're against extending the gas storage target to December 31 2027.

With the energy crisis behind us, unnecessary and rigid storage targets could exacerbate seasonal price distortions and ultimately, increase energy costs for European consumers.

IOGP Europe recommends that:

• Regulation should leverage market efficiency and flexibility by not extending storage filling obligations, but if absolutely necessary:
  •  Substantially lower overall filling targets,
  •  Remove intermediary targets, and
  •  Increase the minimum cross-border storage obligation for Member States without underground gas storage facilities.
• ️ An extensive impact assessment be made to understand the necessity and risks of prolonging the storage target that is based on gas demand, supply conditions & cost-benefit impact.

Instead of prescriptive EU-wide mandates, there should be more focus on regional coordination and market driven approaches that will preserve competitiveness and make energy more affordable for European consumers.

Download the full position paper below.