Greece proposes changes to EU gas storage targets and TTF index

Greece has submitted four targeted proposals to the European Commission’s energy Task Force to address natural gas price volatility and supply security ahead of winter. Represented by Deputy Minister of Environment and Energy Nikos Tsafos, the Greek delegation is advocating for a reassessment of the current 90% gas storage filling target.

Athens argues that the 90% mandate, established during the 2022 crisis, now acts as a price trap by fueling artificial demand and speculative market movements. The proposal highlights that European gas consumption has decreased by 10-20% in recent years and that expanded LNG infrastructure provides greater systemic flexibility, making the rigid 90% target potentially unnecessary for maintaining security.

The Task Force meeting also addresses concerns regarding low European gas reserves, which are currently at 63% compared to a five-year average of approximately 80%. Other agenda items include electricity prices, oil and fuel market developments, the impact of low water levels in the Danube, and geopolitical tensions in the Strait of Hormuz.