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The Impact of Regulatory Changes on Europe’s gas storage market in 2022

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20 June 2022

The Impact of Regulatory Changes on Europe’s gas storage market in 2022

Report summary

In 2021, limited injections to gas storage led to unacceptably low inventories being in place at the beginning of November. Whilst the European Union and National governments were aware of the limited amount of gas in store, there was little that could be done about it from a legal and regulatory point of view. Most countries carrying significant storage capacity have historically “left it to the market” since the implementation of various gas directives in the 2000s. However, it has become clear that “leaving it to the market” is no longer an option for the EU, with new legislation being rushed through the European parliament to guarantee a minimum fill at Europe’s storage facilities. In this piece we delve deeper into the last provisional political agreement after a trialogue between the Council, European Parliament, and European Commission; and discuss about the key elements of this proposal, their unintended consequences, and commercial considerations of this new legislation.

Table of contents

Tables and charts

This report includes 10 images and tables including:

  • Timeline of regulatory response by the EU
  • Storage Regulations prior to March 2022
  • Inventory Levels on 1 June and 1 November targets (2022)
  • Share of LNG storage capacity in average annual demand
  • Remaining capacity after 35% average annual gas consumption reduction
  • Germany:
  • Austria:
  • Netherlands:
  • France
  • Italy:

What's included

This report contains:

  • Document

    The Impact of Regulatory Changes on Europe’s gas storage market in 2022

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