EU Nations Push to Factor Market Conditions in Gas Storage Goals

European Union member states are pushing for a possibility of deviating from gas storage targets over the next two years if market prices excessively boost the cost of replenishing reserves.

A provision to allow a deviation of as much as 5 percentage points for each member state in the case of “unfavorable” market conditions was included in a new set of amendments drafted by Poland, which holds a rotating presidency over member states’ meetings. The document, seen by Bloomberg News, was shared with other EU countries late Friday and will be discussed at a meeting of energy officials from national governments on March 27.