Following up rapidly on the REPowerEU Communication and the Versailles Declaration, the Commission has set out ideas for collective European action to address the root causes of the problem in the gas market and ensure security of supply at reasonable prices for next winter and beyond.
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Leaders will continue the discussion on these options at this week's European Council.
Commissioner for Energy, Kadri Simson, said: “Global and European energy markets are going through turbulent times, particularly since the Russian invasion of Ukraine. Europe needs to take swift action to ensure our energy supply for next winter, and to alleviate the pressure of high energy bills on our citizens and businesses. Today's [March 23] proposals are another step forward in our intensive work on this front.â€
The Commission is tabling a legislative proposal, introducing a minimum 80% gas storage level obligation for next winter to ensure security of energy supply, rising to 90% for the following years.
To address concerns about continued high energy prices, the Commission has also adopted a Communication setting out the options for market intervention at European and national level, and assessing the pros and cons of each option.
EU partnerships with third countries to collectively purchase gas and hydrogen can improve resilience and bring down prices. The Commission stands ready to create a Task Force on common gas purchases at EU level. By pooling demand, the Task Force would facilitate and strengthen the EU's international outreach to suppliers to help secure well-priced imports ahead of next winter.
The Task Force would be supported by Member States representatives in a Steering Board. A joint negotiation team led by the Commission would hold talks with gas suppliers, and would also prepare the ground for future energy partnerships with key suppliers, looking beyond LNG and gas.
It would be inspired by the experience from the COVID-19 pandemic, where EU wide action was crucial to guarantee sufficient supplies of vaccines for all.
The Commission has accelerated its work since the Versailles Summit and presented today a legislative proposal requiring Member States to ensure that their underground gas storage is filled up to at least 80% of capacity by 1 November 2022, rising to 90% for the following years, with intermediary targets from February to October.
Operators of storage sites should report the filling levels to national authorities. Member States should monitor the filling levels on a monthly basis and report to the Commission. ■