European Union energy commissioner Dan Jørgensen warned member states of a potential “price crisis linking to a supply crisis” for natural gas. In a letter to national energy ministers, he said gas storage facilities across the bloc were only 70% full, a low level heading into the winter heating season.
Jørgensen urged countries to consider measures to curb natural gas and electricity consumption. European gas prices have remained high, with the Dutch TTF benchmark trading at levels not seen since the 2022 energy crisis. He cited the continued lockdown of the Strait of Hormuz, a key route for liquefied natural gas shipments, and increased power-grid demand following an exceptionally hot and dry summer as factors contributing to tight market conditions.
Jørgensen said there were no immediate risks to security of supply. The letter nevertheless highlights the precarious position of Europe’s energy market. The call to reduce demand echoes measures taken during the 2022 crisis and signals an effort by Brussels to avert a more severe shortage. EU energy ministers are scheduled to meet for informal talks on September 29.