European Union warns of the risk of an energy crisis!
The European Union has called on member states to reduce energy demand and increase natural gas reserves ahead of the winter season.
The European Union (EU) has warned that conflicts in the Middle East could trigger a new crisis in energy prices. The EU has called on member states to reduce energy demand and increase natural gas reserves ahead of the winter season. In a letter addressed to the energy ministers of the 27 member states, EU Energy Commissioner Dan Jorgensen said that Europe’s dependence on imported fossil fuels makes the region vulnerable to fluctuations in energy markets.
According to Jorgensen, the region is currently facing a price crisis caused by a supply crisis. Natural gas prices in Europe have more than doubled since the end of February. Prices reached their highest level since late 2022 earlier this month. EU natural gas reserves are currently slightly above 70%. This is below the seasonal average of 86% for this time of year. Jorgensen called on member states to continue supporting gas storage and to reduce demand for natural gas and electricity for as long as necessary.