Honourable members, thank you for this significant debate today.

First, I must thank the rapporteur, ITRE Chair [Borys] Budka and all shadows for their dedication to this file. Your swift action on this proposal is commendable!

To understand the role of underground gas storage in securing supplies and preparing for winter, we only need to look back to winter 2021.

We ended 2021 and began 2022 with historically low storage levels because Gazprom deliberately did not fill its European storages, starting winter at 77% in Autumn 2021.

When Russia began weaponizing its supplies to the EU months later, the EU faced an unprecedented supply crisis, leading to historically high gas prices and business closures.

The 2022 crisis was a wakeup call, highlighting the importance of gas storage in preventing shortages and price spikes. Gas storage covers around 35% of the EUs gas demand during winter, and low storage levels can severely impact energy security and prices.

The gas storage regulation, adopted in 2022, has been crucial in responding to Russias manipulation of the EUs supply and maintaining the EUs energy security.

The mandatory 90% target has ensured enough gas in storages ahead of winter during uncertain geopolitics, high volatility, and tight market conditions.

However, the negative summer-winter price spread observed last winter raised concerns among Member States and traders.

Although the situation has improved since the start of the injection season, we cannot rule out further unfavorable market conditions.

Considering last winters market situation and following the Clean industrial Deal announcement, the Commission has shown openness to introduce more flexibility in the regulation, in line with the March Commission recommendation.

This includes the indicative nature of intermediate trajectories and more flexibility for the filling target during unfavorable market conditions.

Extending the gas storage provisions until December 2027 will contribute to our citizens energy security for the next two years until a revised EU energy security framework is discussed.

I note the positions of the ITRE committee and the Council, introducing the possibility to deviate from the mandatory target under unfavorable market conditions.

I agree that such flexibility can alleviate the current market situation, and I trust that an agreement could be reached soon.

I now look forward to this debate ahead of the Parliaments vote tomorrow.