Sitemap

Eu Clinches Deal On Mandatory Gas Storage For Next Winter

CorD Recommends

Europe’s Stark Divide in Land Prices and Rentals

A sharp contrast in land prices across...

Increase In the Number of Transactions in the Austrian M&A market

The Austrian mergers and acquisitions (M&A) market...

An Increasing Number of Internet Users are Embracing Online Learning

In 2024, 33% of internet users in...

The Grand Reopening of The Bristol Belgrade

The Bristol Belgrade has officially reopened after an extensive two-and-a-half-year restoration, seamlessly combining its storied past with modern luxury. Renowned...

European Motorcycle Sales Surge in 2024

In 2024, Europe's five largest motorcycle markets saw a notable increase in sales, fueled by the demand for urban...

A New Front in the Trade War

President Donald Trump’s decision to impose 25% tariffs on steel and aluminum imports is stirring fresh tensions, particularly with...

Swiss-Serbian Chamber Elects New Board

The General Assembly of the Swiss-Serbian Chamber of Commerce was held on 5th February 2025 at the premises of the...

Austrian Business Cooperation in Serbia

The annual survey by Advantage Austria on the business climate in Serbia for 2024 confirms the stability and growth...

European Union negotiators agreed on mandatory gas storage obligations for EU countries, aiming for the the bloc’s storages to be at least 85% full by 1 November 2022.

The agreement, which aims for storage to be shared between EU countries “in a spirit of solidarity”, follows a winter of concern about low EU gas storage, high energy prices and disruptions in the supply of Russian gas.

“This proposal is key to ensure preparedness for next winter. The EU can deliver at speed and is united,” the EU’s energy commissioner, Kadri Simson, wrote on Twitter.

The regulation was tabled on 23 March and fast-tracked through the normally lengthy legislative procedure by the European Parliament and the EU Council of Ministers. While negotiators failed to come to an agreement after a 16-hour meeting on Monday, they finally reached a deal at around 09:40 CET on Thursday after just over an hour of talks.

Read-out of the College meeting/press conference by Executive Vice-President Timmermans and Commissioner Simson on more affordable, secure and sustainable energy in the EU. [Abdesslam Mirdass / EC Audiovisual Service]

Having high levels of gas storage ahead of next winter is considered crucial in the event of a disruption of gas supplies coming from Russia. This could cause a price shock on European gas markets that would hurt European households and businesses.

“What is at stake here is securing gas supplies for next winter for all Europeans – citizens, protected customers, SMEs, and energy-intensive industries,” said Jerzy Buzek, the European Parliament’s chief negotiator on the law.

“This is another unprecedented achievement considering the tight schedule, due to the Russian war in Ukraine,” he added. “We are putting in place a mechanism which will ensure that gas storages in the EU are no longer controlled by those who fuel speculative price rises and supply crises.”

Source: euractiv.com

Related Articles

A New Front in the Trade War

President Donald Trump’s decision to impose 25% tariffs on steel and aluminum imports is stirring fresh tensions, particularly with Canada and Mexico, traditional trade...

AgroBelgrade 2025 – A Hub for Innovation and Trade in Agriculture and Horticulture

Over 500 exhibitors will converge at the three-day AgroBelgrade 2025, bringing together the best of Eastern Europe’s fruit, vegetable, and vineyard industriesThe sixth edition...

Europe’s Stark Divide in Land Prices and Rentals

A sharp contrast in land prices across Europe reveals a growing divide in agricultural affordability, with Malta leading the way in costly hectares, while...

Increase In the Number of Transactions in the Austrian M&A market

The Austrian mergers and acquisitions (M&A) market experienced an increase in the number of transactions, but the total value declined due to geopolitical tensions...

An Increasing Number of Internet Users are Embracing Online Learning

In 2024, 33% of internet users in the European Union reported participating in an online course or using online learning materials, marking a 3...

EU Businesses Embrace AI at Record Pace in 2024

In 2024, a marked rise in the adoption of artificial intelligence (AI) swept through EU businesses, with 13.5% of companies employing AI in their...

Sweden Begins Construction of World’s Second Nuclear Waste Repository

Sweden has started building a storage facility for spent nuclear fuel, becoming only the second country in the world to embark on such a...

Young People in the EU Show Greater Trust in Others

In 2023, the estimated average trust level in others among individuals aged 16 and older in the European Union was 5.8 (on a scale...