EU agrees to extend the 15% reduction in gas demand until March 2024

European Union energy ministers on Tuesday backed Brussels' proposal to extend until March 2024 the voluntary 15% gas demand reduction target to which member states committed last year in response to Russia's invasion of Ukraine and the challenge of breaking dependence on its fossil fuels.

The regulation maintains the target of reducing natural gas consumption by 15% between April 1, 2023 and March 31, 2024, compared to average values for the period from April 1, 2017 to March 31, 2022.

The EU-27, which will be able to choose the measures by which they want to reach the target, have agreed to modify the reporting rules, so that members will continue to report data on savings achieved at least every two months, with the possibility to submit them in advance.

The regulation maintains the possibility for the Council to activate a 'Union alert' on security of supply, in which case the reduction in gas demand would become mandatory.

The Council will now seek to formally adopt the regulation by written procedure, which will then be published in the EU Official Journal to enter into force on April 1, 2023.