In June the Union decided that underground gas storage facilities in Member States must be filled to at least 80% of their capacity by the start of the winter of 2022/2023 and 90% by the start of subsequent winters. The EU-wide filling rate should be 85% of total underground storage capacity in 2022. In July the Member States committed to a 15% reduction of their gas consumption from August 1 to March 31 2023. In the event of a significant risk of shortage, and after consulting Member States, the Commission may trigger a "Union alert" which would make the 15% reduction target mandatory.
To ease the pressure on consumers, the Commission proposed on 14 September to reduce electricity consumption by at least 5% during peak hours, a temporary revenue cap for infra-marginal electricity producers at €180/MWh and a solidarity contribution on the profits of companies in the oil, gas, coal and refining sectors, when revenues exceed the average profits of the previous three years by 20%.
On 30 September, energy ministers agreed to reduce overall electricity consumption by 10 percent, and by 5 percent at peak hours through 31 March, 2023, as well as to cap revenues for energy and renewable energy producers, redistribute excess revenues to electricity consumers, and implement a solidarity levy for fossil fuel companies. The measures will apply from 1 December, 2022 to 31 December, 2023.
Last update : 28 October 2022