Speaking at a press conference in Estonia, von der Leyen said the current high gas prices were a result of a lack of supply response to higher demand, and highlighted the EU’s gas import dependence, S&P Global Platts reported.
EU leaders are due to meet for a European Council summit Oct. 21-22, with high energy prices set to feature at the top of the agenda.
In the short term, we will discuss in the European Council how to deal with storage, a strategic reserve
There is currently no coordinated EU policy on strategic gas reserves, with each member state having its own mechanisms for the building of gas stocks.
Some – incl. Italy and France – have some storage regulation including on maintaining minimum storage levels, while others depend solely on market dynamics.
According to Gas Infrastructure Europe, the EU’s gas storage sites are currently filled to just 75.7% of capacity compared with 95.2% a year ago.