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EU includes LNG in gas storage reserves at the request of Portugal and Spain


CE Noticias Financieras  

 

    European Parliament and Council negotiators reached an agreement in principle this Thursday on new rules for establishing joint gas storage reserves, in which liquefied natural gas (LNG) is also included.

    This result meets the request made by Portugal and Spain, in exchange for their support of Brussels' proposal to set minimum storage levels at 80% in November, before the winter, increasing the stop to 90% from 2022 until 2026.

    According to Europa Press, the agreement now reached stipulates that member states will be able to draw on LNG reserves to reach that 90% minimum, as well as other alternative fuels to count towards underground gas reserves when it comes to reaching the minimum storage levels.

    Read Also EU countries agree position to negotiate gas storage proposal There are also other exceptions: the effort to reach 85% underground gas storage can be joint, and for countries with large storage facilities, with Germany, the limit is 35% of annual gas consumption over the past five years.

    The EU has 120 gas storage infrastructures in only 20 European countries.

    The agreement also provides for joint gas purchases between the EU countries. Read also Portugal and Spain criticize gas storage obligation above 80%.

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