The European Union is facing an energy price crisis triggered by disruptions in oil and gas markets following the war with Iran, and member states should consider measures to reduce natural gas and electricity consumption. The call was made by European Energy Commissioner Dan Jorgensen in a letter to energy ministers from EU member states. \u201cWe are facing a price crisis linked to a supply crisis,\u201d Jorgensen told ministers, according to Reuters.<\/p>\n
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Europe is heavily dependent on oil and gas imports, with external suppliers accounting for around 80% of the bloc\u2019s gas needs. This dependence exposes the EU to higher global prices caused by the closure of the Strait of Hormuz, through which around 20% of the world\u2019s oil and liquefied natural gas normally passes. According to the commissioner, Europe is not currently facing supply shortages. However, the surge in prices is putting pressure on countries trying to replenish their gas storage facilities ahead of winter.<\/p>\n
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Analysts have warned of possible sharp price increases above \u20ac100 per MWh during the peak winter period if liquefied natural gas export volumes from the Persian Gulf do not increase, or if maintenance work in Norway extends export restrictions.
\nAccording to data from Gas Infrastructure Europe, EU gas storage facilities are currently around 70% full, 12 percentage points below the level recorded at the same time last year. \u201cI invite you to consider adopting or continuing measures that can support gas injections into storage facilities or reduce gas and electricity demand for as long as necessary,\u201d the commissioner said.<\/p>\n
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The measures proposed include limiting temperatures in public buildings, restricting the heating of outdoor spaces and switching off unnecessary public lighting. According to Jorgensen, reducing electricity consumption during peak hours could also lead to lower gas consumption by power plants, thereby easing pressure on both gas supplies and electricity prices. Dan Jorgensen encouraged European capitals to consider an 80% storage target rather than continuing to pursue the 90% target.<\/p>\n
As for Romania, State Secretary at the Ministry of Energy Cristian Bu\u0219oi recently said the country was expected to reach a gas storage level of 79-80% by the end of this month and around 90% by the end of the year. Although above the European average, Romania\u2019s reserves are noticeably lower than last year, when storage facilities were more than 90% full at the same point in the year. (EE)<\/p>\n","protected":false},"excerpt":{"rendered":"
The European Union is facing an energy price crisis triggered by disruptions in oil and gas markets following the war with Iran, and member states should consider measures to reduce natural gas and electricity consumption. The call was made by European Energy Commissioner Dan Jorgensen in a letter to energy ministers from EU member states. […]<\/p>\n","protected":false},"author":107,"featured_media":1046208,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[30968,29821,178952,28918,30821],"coauthors":[113282],"class_list":["post-1064565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-commissioner","tag-consumption","tag-dan-jorgensen-en","tag-energy","tag-gas"],"acf":[],"yoast_head":"\n