EU weighs strategic gas reserves as winter supply fears mount
European Commission President Ursula von der Leyen has proposed that EU leaders examine the creation of bloc-wide strategic gas reserves amid concerns over a possible winter shortage. The suggestion came during a summit of European leaders in Brussels on Thursday, according to three diplomats and two EU officials. Europe’s existing storage caverns are running at record lows this year, as high summer prices linked to the war in Iran have undercut market incentives for commercial actors to restock.
It is not immediately clear what form such reserves would take, but one senior EU official described the idea as a long-term measure to cushion the bloc against future supply risks. Countries already maintain strategic reserves for oil and refined products. Documents seen by POLITICO show plans to revamp the bloc’s gas security architecture in November, including encouraging better crisis management by companies, but they stop short of explicitly endorsing government-filled reserves.
The limits of the current model, which relies on commercial refilling, have become evident this year. The Netherlands moved to subsidize energy purchases at a cost of almost €1 billion, while Germany is exploring developing its own strategic stockpile. A separate Commission proposal for an EU-wide mechanism for joint energy purchases was received without enthusiasm by EU leaders at the summit, two diplomats said.
