New Crisis Reshapes EU Gas Rules

The new geopolitical crisis in the Middle East is testing Europe's energy security, highlighting the weaknesses of the European energy model. Dependence on LNG and gas storage is proving insufficient, as disruptions to flows and attacks on infrastructure are driving up prices and raising concerns about the coming winter. Despite Europe's significant storage capacity, low reserves and economic conditions that discourage storage are creating a problem. The European Commission is considering adjusting the regulatory framework, with a possible reduction in the mandatory storage target and the adoption of a more flexible approach. This discussion reflects a shift from strict regulation to a system with less intervention, as mandatory targets may increase demand and prices. It is important to understand that gas storage is not a source of energy, but a tool for flexibility, transferring quantities from one period to another. In times of shortage, it cannot replace imports, and filling it becomes more difficult when prices are high. Therefore, more targeted tools and policies are needed to address the energy crisis, beyond simple storage. Revising the rules for natural gas is essential to ensure Europe's energy security and avoid negative consequences for consumers and the economy.