By Isla Binnie

MADRID (Reuters) – The European Union will take into account whether or not to require member states to fill their storage to prescribed ranges, a senior official mentioned because the bloc seeks power safety amid fears of a battle in Ukraine involving main provider Russia.

Tight provide and surging demand to gasoline financial restoration from the COVID-19 pandemic pressured European gasoline costs to file highs final yr, prompting Brussels to begin engaged on defending its power system from provide shocks or worth spikes.

Talking three days after a draft doc confirmed Brussels could impose minimal gasoline storage necessities, EU Vitality Commissioner Kadri Simson referred to legal guidelines already in place in some international locations to bolster shares forward of every winter.

“Proper now that is nationwide laws. Now we have to analyse if this sort of laws at EU degree is critical,” Simson instructed a information convention in Madrid on Monday.

“Now we have to be ready for the subsequent heating season.”

The draft, seen by Reuters, contained a proposal to oblige member states to make sure minimal storage by Sept. 30 yearly. The proposal might change earlier than it’s revealed.

Considerations a couple of potential battle intensified on Monday as Russia’s army mentioned that Ukrainian saboteurs had tried to enter Russian territory in armed automobiles, an accusation dismissed by Kyiv amid Western accusations that Moscow might fabricate a pretext to invade.

Gasoline must be saved – usually in salt caverns or depleted gasoline fields – to stability variations in demand over the course of days and seasons and to be drawn on to cowl provide disruptions, infrastructure outages or unusually chilly climate.

European gasoline storage is presently at 32% of capability in contrast with round 40% a yr in the past.

Simson mentioned that measures surrounding gasoline storage wouldn’t mimic guidelines which require member international locations of the Worldwide Vitality Company to carry emergency oil shares.

“We do not suggest at this very second an identical sort of strategic pure gasoline reserve (to that) we have now in oil merchandise,” she mentioned.