Ahead of the November 1 deadline, the EU has successfully achieved its goal of filling gas storage facilities to 90% of capacity. These figures, released by Gas Infrastructure Europe appear to provide a strong reassurance that the continent is well prepared for the upcoming winter season.
Enacted in June 2022, the gas storage regulation established a binding EU objective of attaining 90% storage facility capacity by November 1 each year, with interim milestones for individual EU nations. Gas storage plays a vital role in ensuring Europe’s supply security, capable of meeting up to one-third of the EU’s winter gas demand. The recently published figures reveal that gas storage levels have reached 1024 TWh or 90.12% of storage capacity, equivalent to just over 93 billion cubic meters (bcm) of natural gas.
The European Commissioner for Energy, Kadri Simson argued that “the EU energy market is in a much more stable position than it was this time last year, in good part because of the measures we have taken at EU level. But we have seen in recent weeks that the gas market remains sensitive.” He added that the Commission will continue to monitor the situation, so that storage levels remain sufficiently high as we enter the next winter. Let me recall that we can further strengthen our position through investments in renewables and energy efficiency.
New law on more sustainable, circular and safe batteries enters into force
A new Batteries Regulation came into force around the EU, aimed at ensuring the collection, reuse and recycling of batteries. The regulation’s focus is on reducing batteries’ carbon footprint, reducing harmful substances, decreasing reliance on non-EU raw materials and promoting extensive collection, reuse, and recycling within Europe.
This move supports the transition to a circular economy, enhances raw material and energy supply security, and bolsters the EU’s strategic autonomy. Aligned with the circularity goals of the European Green Deal, this Batteries Regulation is ground-breaking as the first European legislation to comprehensively address the entire lifecycle of batteries in a single law, encompassing sourcing, production, use, and recycling.
Recognising batteries’ pivotal role in advancing the green transition, sustainable mobility, and achieving climate neutrality by 2050, the Regulation will gradually introduce measures starting in 2025.
These measures include declaration requirements, performance categories, and maximum carbon footprint limits for electric vehicles, light forms of transport (such as e-bikes, scooters), and rechargeable industrial batteries. Additionally, the Batteries Regulation will enforce limits on harmful substances in batteries placed on the EU market, ensuring that only necessary amounts are permitted. Ongoing reviews will be conducted on concerning substances used in batteries.
No such thing as a safe crypto-asset – ESMA Chair
The EU has introduced the Markets in Crypto-Assets Regulation (MiCA), which introduces key provisions for entities issuing crypto-assets, offering them for trading, and providing investment advice, custody and other services in relation to crypto-assets. In particular, the new legislation brings about new requirements relating to the authorisation and governance requirements applicable to crypto-asset service providers, disclosures in relation to crypto products and requirements aimed at ensuring the integrity of crypto markets. The new framework is intended to provide consumer protection, enhance market integrity and promote financial stability.
However, in a stark assessment of crypto-assets, Verena Ross, the Chair of the European Securities and Markets Authority, argues that while the new framework is intended to provide consumer protection, enhance market integrity and promote financial stability, even with the implementation of MiCA, which is clearly a step forward, there will be no such thing as a safe crypto-asset. “Consumers need to be aware that MiCA does not provide the same protection as for traditional financial products”, she warns.