In this latest OIES podcast, from the Gas Programme, James Henderson talks to Katja Yafimava about her recent paper on the updated EU regulation covering gas storage. Over the course of 2022 the EU adopted a significant amount of ‘emergency’ legislation to address the consequences of the energy crisis, and a major plank of it was the Gas Storage Regulation which obliged Member States to fill their storage to at least 90 per cent of capacity by 1 November. However, as the crisis has eased the relevance of this rule has been questioned and it has even been accused of distorting the gas market. The regulation expired at the end of 2025, and an EC proposal to extend it to 2027 was met with significant opposition from several Member States and market players due to concerns that the preservation of both final and intermediary targets for filling storage would result in higher gas prices. As a result, both the European Council and the Parliament made significant changes to the proposal. This podcast  provides an overview of the key provisions of the original Storage Regulation, the EC recommendation and a proposal for an extension, the Council and the Parliament positions, as well as the revised Regulation, with a view to determining the revised Regulation’s storage filling obligations and their impact on market functioning during 2025-27 and the role of the revised Regulation in shaping the ongoing revision process of the EU security of supply framework.

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