EU countries adopt mandatory gas storage amid Russia's cuts
European Union countries agreed Monday that all natural gas storage in the 27-nation bloc should be topped up to at least 80% capacity for next winter as they prepare for the possibility of Russia further reducing deliveries.
The EU is trying to slash its use of Russian energy amid the Kremlin's war in Ukraine and find other sources. A ban on imports of Russian coal will start in August, and an embargo on most oil from Russia will be phased in over the coming eight months.
Meanwhile, Moscow is disrupting natural gas deliveries, a fuel used to power factories and generate electricity that the EU didn't include in its own sanctions for fear of seriously harming the European economy. Before the war, the bloc got about 40% of its natural gas from Russia.
Moscow has reduced gas supplies to several EU countries, including heavy importers Germany and Italy, and cut off deliveries to other members, such as Poland and Finland.
The EU Council adopted the gas storage regulation Monday after the European Commission made a proposal in March. The regulation also says underground gas storage on EU soil will need to be filled to 90% capacity before the 2023-24 winter.
Heads of state and government agreed last week during a summit in Brussels to step up preparations for further gas cuts from Russia and to keep searching for other suppliers. The EU already has increased deliveries from the United States, Norway, Algeria and Azerbaijan.
Some EU members don't have storage facilities, so the regulation provides that they should store 15% of their annual national gas consumption in other member countries, allowing them access to reserves in other EU nations.
Cyprus, Malta and Ireland, which are not directly connected with the gas system of other members, got an exemption, the council said, adding that filling obligations will stop at the end of December 2025.
Get in touch
Do you have any questions about the attack on Ukraine? Email email@example.com.
- Please include your name, location, and contact information if you are willing to speak to a journalist with CTV News.
- Your comments may be used in a CTVNews.ca story.
Rising interest rates might be bad news for Canadians with mortgages, but it also means higher rates on savings vehicles such as guaranteed investment certificates (GICs), prompting renewed interest in the investments.
For millennial and gen Z Canadians, owning a home in this real estate market might seem like a pipe dream. In an exclusive column for CTVNews,ca personal finance contributor Christopher Liew offers some strategies to consider if you can’t afford the housing market yet.
Is Canada's 'historic' housing correction affecting your plans to buy or sell? CTVNews.ca wants to hear from you
Following a series of interest rate hikes, Canada's housing market is now facing a 'historic' correction. CTVNews.ca wants to hear from Canadians looking to buy or sell homes in a changing market landscape.
With inflation rising at its fastest pace in nearly 40 years, the cost of everything from food to gas has skyrocketed. Canadians across the country are feeling squeezed, but big families with multiple children are at times shouldering much of the higher costs — and changing demographics and consumer patterns have left some of them more exposed to inflation than in previous generations.
The Canadian Association for Retired Persons is raising alarms about the increase in old age security only being made eligible for those 75 and above.
The rising cost of living is exacerbating the challenge for many Canadians living on fixed disability income to pay for food and housing.
The savings accounts of Canadians have sprung a leak. As inflation tops eight per cent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because interest rates for savings accounts, still largely languishing at around one per cent, haven't kept up.
With inflation at a nearly 40-year high, Canadians are feeling the financial strain. In a six-part series this summer, people at different stages of their lives detail where they're being hit the hardest.