OREANDA-NEWS. The European Commission (EC) intends to introduce requirements for minimum gas reserves that the EU countries must have by the beginning of the heating season, the EC may present a corresponding plan as early as next month, Bloomberg reports citing the project.

"The European Commission plans to offer incentives and commitments to secure sufficient gas reserves as part of a plan for more affordable, safer and more sustainable energy due to be presented next month. It will include legal requirements for states that they must have a minimum level of stocks by September 30 of each year.

In addition, the EC wants to urge national authorities to establish minimum levels of gas reserves for companies whose storage facilities are located on their territory. "The action plan may also include a commitment to launch a pilot project to help states and operators jointly purchase gas this year up to the minimum required strategic level," the agency wrote.

A noticeable increase in gas prices in Europe began in the spring of 2021, when the average spot price on the TTF hub index fluctuated in the range of $250-$300 per thousand cubic meters. The all-time high in the futures market of $2,190 was reached on December 21st. 

In February, quotes on average stay at the level of 800-1000 dollars per thousand cubic meters.

The heating season in Europe as a whole is coming to an end - gas consumption will slightly decrease. At the same time, the filling of European gas storage facilities is at a minimum level.