Italy mulling changes to EU gas stock targets: Boschi

: Natural gas
25/02/12

Italy is exploring the idea of lower EU gas storage targets, but no decisions have yet been made, the energy chief at Italy's environment and energy security ministry told Argus.

A decision on whether to scrap, change or renew the EU rules implemented in 2022 that required a 90pc EU stockfill on 1 November last year and require the same this coming November could be taken in the coming weeks, energy department head Federico Boschi said.

"The [existing] stockfill obligations end on 31 December 2025 and as such, there is space for either a halt, a change or an extension," Boschi said, without specifying whether Italy might advocate for a lower target on 1 November 2025 or beyond, or both.

Asked whether Italy was seeking a capacity target for gas storage injections, Boschi said the government had also not yet taken a position. "As far as I know, we have no specific target in mind," he said.

Filling storage capacity would benefit energy security, but it could also affect prices and favour speculation by increasing demand when it might otherwise be low, Boschi said.

The EU stockfill regulations aim to ensure adequate winter gas reserves. But European summer-winter gas price spreads remain inverted out several years, providing no incentive to book storage capacity during that time.

PSV summer 2025 prices closed €4.81/MWh above the winter 2025-26 contract on Tuesday. Seasonal contracts on Argus Italian curve do not extend beyond that, but EU benchmark Dutch TTF summer-winter spreads for storage years 2026-27 and 2027-28 closed at +€2.805/MWh and +€0.20/MWh, respectively, on Tuesday.

Italy — the EU member with the second-largest storage capacity after Germany — has been looking at a raft of options to curb energy prices for businesses and households, which are among the highest in Europe.

The Italian government approved legislation last week to bring forward storage auctions for the 2025-26 year to allow the market to book capacity if price spreads become favourable in February-March.

Italian storage operator Stogit plans to offer 2.5bn m³ of capacity starting from 1 April across products lasting 1-5 years on 17 February-19 March. Compatriot storage operator Edison Stoccaggio plans to offer around 900mn m³ of 2025-26 capacity, but has yet to announce auction dates.

In any event, the EU's Gas Co-ordination Group is scheduled to meet on Thursday and may discuss gas storage targets.

By Stephen Jewkes and Jeff Kuntz

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25/12/19

Trinidad not part of US blockade of Venezuela: PM

Kingston, 19 December (Argus) — Trinidad and Tobago is not involved in the US blockade of oil tankers entering and leaving from neighboring Venezuela, prime minister Kamla Persad-Bissessar said on Thursday. She rejected a Venezuelan government claim that her country is part of US president Donald Trump's current campaign against Venezuelan president Nicolas Maduro, and that it is supporting "the theft of Venezuelan oil." "We have no intention of engaging in any war with Venezuela," Persad-Bissessar said. But Trinidad's foreign ministry said on 15 December that the US is using the country's two airports for "logistical activities," including resupply for US operations and personnel rotations. Venezuelan vice-president Delcy Rodriguez accused Persad-Bissessar of being "hostile" to Venezuela, saying she "has turned her country into a US aircraft carrier to attack Venezuela, in an unequivocal act of vassalage." The US has stationed a large naval force in the waters near Venezuela since September and has destroyed several small boats in the area it said were carrying drugs, killing more than 80 people. Trump said in November he would order land strikes against Venezuela soon, and the US seized a tanker carrying Venezuelan crude earlier this month. Trinidad's rejection of the Venezuelan claims follow a standoff between the hydrocarbon producers over agreements to develop an offshore natural gas field in Venezuelan waters close to their maritime border that has an estimated 4.3 Tcf in reserves. Trinidad described a Venezuelan decision to terminate all natural gas supply contracts with it as "propaganda". The southwestern tip of gas-short Trinidad is 11 miles from Venezuela's north coast, and the country has been seeking gas from Venezuelan offshore fields to support up declining domestic output. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

W Australia's gas surplus outlook strengthens: Aemo

25/12/19

W Australia's gas surplus outlook strengthens: Aemo

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Energy Transfer halts plans for Lake Charles LNG

25/12/18

Energy Transfer halts plans for Lake Charles LNG

Houston, 18 December (Argus) — US midstream firm Energy Transfer is suspending development of its planned 16.5mn t/yr (2.2 Bcf/d) Lake Charles LNG export terminal in Louisiana to focus on natural gas pipeline expansions, the company said today. The pivot allows the company to reallocate capital to gas pipeline projects that provide "superior risk/return profiles", Energy Transfer said. The company separately said it will increase the capacity of its planned Desert Southwest expansion of the Transwestern pipeline, allowing it to move more gas from west Texas' Permian basin to the southwestern US. The decision to scrap Lake Charles LNG follows a month of dissonance from company executives about moving forward with the facility. Energy Transfer co-chief executive Mackie McCrea told investors in early November that the company would not be able to reach a final investment decision (FID) until it sold off 80pc of equity shares in the project. But Amy Chen Davis, vice president of Lake Charles LNG, told an industry event on 10 December that the company was in talks with potential partners and would reach a final decision in early 2026. The company said earlier this year it planned an FID by the end of 2025. The midstream firm has sought for years to convert the existing Lake Charles import facility into an export terminal. Shell signed on with a 50pc stake in 2019 but pulled out the following year as part of cost-cutting measures during the Covid-19 pandemic. McCrea had signaled to investors that the company was being cautious with entering the LNG export industry. "When you're chasing billions of dollars in projects, several of which we've already announced, we've got to be careful stepping out on something like this," McCrea said on 5 November. "We're not an LNG company like we compete with. We're a pipeline company that has a regas facility converting part of it to LNG." Investor MidOcean Energy had signed a preliminary agreement to fund 30pc of Lake Charles LNG's construction costs in exchange for 30pc of offtake, but the firms never finalized the deal. Suspension of the project also may set back the efforts of Saudi Aramco, which holds a 49pc stake in MidOcean, to develop an LNG portfolio. MidOcean has a share in Peru's 4.45mn t/yr Pampa Melchorita LNG export plant and the Shell-led 14mn t/yr LNG Canada export terminal in British Columbia. Pipeline project in focus Meanwhile, Energy Transfer said it will upsize capacity on the Desert Southwest expansion. The company said it will increase the expansion's capacity by 800mn cf/d to 2.3 Bcf/d to satisfy additional demand in the southwestern US. Energy Transfer reached an FID on Desert Southwest in August. The expansion is one of several projects working to increase gas transportation capacity out of the Permian, where a steady increase in crude-driven activity — and commensurate rise in associated gas output — has outpaced the increase in gas takeaway capacity. This has created a local gas supply glut and some of the lowest gas prices in the US. By Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US House passes bill to expedite permitting

25/12/18

US House passes bill to expedite permitting

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Ithaca first to try new UK North Sea regime

25/12/18

Ithaca first to try new UK North Sea regime

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