Startup Observer.com
  • Home
  • Industries
  • Innovation
  • outsourcing
  • Business
  • Finance
  • Headlines
  • Opinion
  • News
Home Headlines EU will consider making countries fill gas storage – energy chief
Headlines

EU will consider making countries fill gas storage – energy chief

by jcp February 21, 2022
February 21, 2022
gawdo

By Isla Binnie

MADRID (Reuters) – The European Union will consider whether to require member states to fill their natural gas storage to prescribed levels, a senior official said as the bloc seeks energy security amid fears of a conflict in Ukraine involving major supplier Russia.

Tight supply and surging demand to fuel economic recovery from the COVID-19 pandemic forced European gas prices to record highs last year, prompting Brussels to start working on protecting its energy system from supply shocks or price spikes.

Speaking three days after a draft document showed Brussels may impose minimum gas storage requirements, EU Energy Commissioner Kadri Simson referred to laws already in place in some countries to bolster stocks ahead of each winter.

“Right now this is national legislation. We have to analyse if this kind of legislation at EU level is necessary,” Simson told a news conference in Madrid on Monday.

“We have to be prepared for the next heating season.”

The draft, seen by Reuters, contained a proposal to oblige member states to ensure minimum storage by Sept. 30 every year. The proposal could change before it is published.

Concerns about a possible conflict intensified on Monday as Russia’s military said that Ukrainian saboteurs had tried to enter Russian territory in armed vehicles, an accusation dismissed by Kyiv amid Western accusations that Moscow could fabricate a pretext to invade.

Gas needs to be stored – typically in salt caverns or depleted gas fields – to balance variations in demand over the course of days and seasons and to be drawn on to cover supply disruptions, infrastructure outages or unusually cold weather.

European gas storage is currently at 32% of capacity compared with around 40% a year ago.

Simson said that measures surrounding gas storage would not mimic rules which require member countries of the International Energy Agency to hold emergency oil stocks.

“We don’t propose at this very moment a similar kind of strategic natural gas reserve (to that) we have in oil products,” she said.

(Reporting by Isla Binnie; Editing by Pravin Char)

www.gawdo.com
Share on FacebookShare on TwitterShare on Linkedin
0 FacebookTwitterPinterestEmail
previous post
The tech community has a responsibility to drive forward tech with real-world purpose
next post
Factbox-Britain scraps all remaining COVID-19 restrictions

You may also like

Finland, Sweden to send teams to Turkey to...

May 24, 2022

Germany’s vaccine panel says one COVID shot enough...

May 24, 2022

EU calls for Russia dialogue to unlock Ukraine...

May 24, 2022
Editorial & Advertiser disclosureEditorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
gawdo.com
https://www.gawdo.com
  • About us
  • Advertising & Terms of Use
  • Contact Us
  • Privacy Policy

@2021 - All Right Reserved.


Back To Top
Startup Observer.com
  • Home
  • Industries
  • Innovation
  • outsourcing
  • Business
  • Finance
  • Headlines
  • Opinion
  • News
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT