The European Commission has proposed to extend emergency legislation on measures to reduce gas demand by 15% for another 12 months, as the existing regulation agreed in July 2022 will expire at the end of March 2023. Commission analysis finds that, in order to fully compensate for the permanent decrease in Russian gas, a continuation of the gas demand reduction is needed to complement the additional LNG and pipeline gas sourced from other countries, and new renewable capacity installed since early 2022. Continuing the 15% reduction in April 2023 for one more year would be sufficient to achieve the 90% gas storage filling rate by 1 November 2023 and ensure no concerns related to the security of gas supply throughout winter 2023-2024. The introduction of this regulation in July 2022 has generated savings of 19%, equivalent to 41.5 bcm, between August 2022 and January 2023.
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