Commission Proposes Joint Gas Purchases To Create Strategic Reserve

The European Commission has this morning released a new framework intended to set the path for decarbonising the bloc. The proposal includes plans to establish joint purchases of gas and the creation of strategic storage reserves to cope with any shortfall in supply.

• Full document can befound here.
• Section on gas storage reads as follows: "High energy prices in recent months have drawn attention to the importance of energy security, especially in times when global markets are volatile. The Commission has proposed today to improve the resilience of the gas system and strengthen the existing security of supply provisions [...] The proposal extends current rules to renewables and low carbon gases and introduces new provisions to cover emerging cybersecurity risks. Finally, it will foster a more strategic approach to gas storage, integrating storage considerations into risk assessment at regional level. The proposal also enables voluntary joint procurement by Member States to have strategic stocks, in line with the EU competition rules."
• The ensuring of gas supplies has become a major geopolitical issue within the bloc, as the Nord Stream II pipeline remains held up due to regulatory issues, Belarus' president threatens Europe with a halt to Russian supplies via his country, and escalating tensions on the Russo-Ukrainian border risk gas supplies being used as a bargaining chip.