EU Parliament Eases Gas Storage Rules Amid Price Concerns

The European Parliament, on Tuesday, gave its final approval to a revised agreement aimed at relaxing the European Union's regulation on gas storage. This strategic move comes in response to prevailing concerns that the previous rules disproportionately contributed to rising energy prices.

This decision follows a consensus reached last week between Parliament negotiators and EU member states to adjust the storage target, thereby lowering it to 90% capacity by November 1. This change aims to provide more flexibility and alleviate price pressures.

While formal consent from all EU countries is still pending, this step is considered a mere formality, expecting no abrupt deviations from the prearranged agreement.

(With inputs from agencies.)