In June, the EU decided that underground gas storage facilities in the 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 must be 85% of total underground storage capacity in 2022.
In July, Member States committed to a 15% reduction in gas consumption from 1 August 2022 to 31 March 2023. In the event of a significant risk of shortage and after consulting Member States, the Commission may trigger an "EU alert" which would make the 15% reduction target binding.
On 6 October, the Council adopted a package of measures to reduce energy costs. Member States will have to reduce overall electricity consumption by 10%, and by 5% at peak times. The EU introduced a cap on market revenues for sub-marginal producers, a solidarity levy for the fossil fuel sector, and measures to help SMEs by setting a temporary energy price.
On 22 December, the Council adopted a temporary mechanism to cap gas prices, which will be automatically activated from 15 February when the month-ahead price on the Title Transfer Facility (TTF), a market for natural gas, exceeds 180€/MWh for three working days, and the month-ahead TTF price is 35€ higher than a reference price for LNG on global markets for the same three working days.
Last update : 10 February 2023