Quarterly Gas Review – Issue 3
In Issue 3 of the Quarterly Gas Review, we explain why the EU Commission should consider transforming the crude and refined products strategic obligations into an energy storage obligation, allowing all fuels to be included, in the cheapest way, in providing the required energy storage buffer. This could be achieved by changing Directive 2009/119/EC which imposes an obligation on Member States to maintain minimum stocks of crude oil and/or petroleum products and was designed at a time when oil was more relevant than today, the energy transition hadn’t really started, and energy markets were not fully functional. In a fast-changing world, the pro-oil Directive is neither fuel- nor technology-neutral and is therefore hindering innovation and competition. We argue that making all EU energy storage compete on a level playing field could allow the market to select greener and cheaper options, something that should please both policymakers and taxpayers. This could be the new energy narrative for the next EU Commission.