Author (Corporate) | Council of the European Union |
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Series Title | Official Journal of the European Union |
Series Details | L 93, Pages 1-6 |
Publication Date | 31/03/2023 |
Content Type | Blog & Commentary, Legislation, News, Policy-making |
Summary:Regulation (EU) 2023/706 - adopted by the Council of the European Union on 30 March 2023 - introducing amendments to Regulation (EU) 2022/1369 as regards prolonging the demand-reduction period for demand-reduction measures for gas and reinforcing the reporting and monitoring of their implementation. Further information:Regulation (EU) 2022/1369 established rules to address a situation of severe difficulties in the supply of gas in the European Union (EU). It sought to formalise a spirit of solidarity with a view to safeguarding the security of gas supply. The context was Russia's attempts to use energy as a political weapon against the EU as the war in Ukraine unfolded. Despite the demand reduction achieved since the adoption of the Regulation, and the efforts to diversify the supply of energy, challenges remained ahead for the EU in this regard. The International Energy Agency (IEA) highlighted in December 2022 that a shortage of gas could occur in 2023, unless measures in place were supplemented by additional actions to replace or save gas. A report prepared by the European Commission also analysed the achievements, the risks and scenarios of supply and shortage until the end of winter in 2024. This Regulation prolongs the period in which demand reduction action is deemed necessary to guarantee the supply of gas until 31 March 2024. The legal framework set by Regulation (EU) 2017/1928 on security of gas supply is still deemed insufficient to address long-lasting disruptions, which could lead to uncoordinated actions by Member States. The spirit of solidarity is seen as benefitting citizens and industries across the whole of the EU, where some countries are more exposed to disruption than others. The monitoring and reporting obligation of the gas consumption is also increased by this Act. The draft law was adopted by the European Commission on 20 March 2023. The Council of the European Union adopted the proposal by qualified majority on 30 March 2023. Hungary and Poland voted against it, while Italy abstained. The Act was published in the Official Journal on 31 March 2023. |
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Source Link | http://data.europa.eu/eli/reg/2023/706/oj |
Related Links |
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Subject Categories | Energy |
Subject Tags | Energy Markets, Energy Security |
Keywords | Natural Gas, Security of Energy Supply |
International Organisations | European Union [EU] |