HeadlinesBriefing favicon HeadlinesBriefing.com

EU Gas Storage Targets Cut to 80% Amid Iran War Energy Crisis

Financial Times Companies •
×

The European Commission has advised member states to reduce gas storage targets from 90% to 80% capacity as the Iran war disrupts Middle East energy supplies. EU Energy Commissioner Dan Jørgensen urged countries to begin filling reserves gradually and delay meeting targets until December 1, a month later than current regulations require.

European gas prices have surged 21.5% this week following attacks on critical Middle East infrastructure, with the TTF benchmark doubling since the US-Israeli conflict with Iran began. The Commission's letter to energy ministers emphasizes using "flexibility" to reduce demand from households and industry during this period of tense supply.

The move represents a significant policy shift after the EU implemented strict 90% storage targets following Russia's 2022 invasion of Ukraine. While the Commission says Europe's energy supply remains "relatively protected," concerns persist about preparedness for potential winter shocks, especially as some countries like the Netherlands report storage levels as low as 7%.