The European Commission has called upon EU member states to slow down the goals for filling their natural gas storage facilities. The commission's energy commissioner, Dan Jorgensen, suggested lowering the filling target to 80% of capacity, which is a decrease of 10 percentage points from existing EU goals. This shift is intended to alleviate demand pressures, particularly in light of soaring energy prices linked to the ongoing conflict involving Israel and Iran.

Gas prices in Europe rose sharply, reportedly by as much as 35%, following attacks by Israel on Iranian gas infrastructure, which further exacerbated tensions in the region. The damage inflicted upon these facilities is expected to take years to repair, highlighting the fragility of energy supplies amidst geopolitical conflicts. The urgency behind this recommendation reflects the Commission's desire to provide certainty and security to energy market participants at this critical time.

Jorgensen reassured members that the EU's energy supply remains relatively safeguarded despite the heightened risks associated with the current geopolitical landscape. The European Commission's call to lower the gas storage targets is a proactive step aimed at managing supply risks and stabilizing energy prices, as member states navigate the challenges posed by the international energy market amidst ongoing conflicts.