European Union warns of energy price crisis and calls for demand reduction

EU Energy Commissioner Daniel Jørgensen said the bloc is facing an energy price crisis as a result of the fallout from Iran’s war on oil and gas markets, and urged countries to consider taking measures to curb energy demand.

He clarified that although the EU is better prepared now than it was during the winter of 2021, when Russia cut gas supplies to Europe by reducing volumes delivered, governments must intensify preparations for this winter.

Jørgensen said: “I call on you to consider adopting or continuing to adopt measures that would help maintain gas storage injections or reduce gas and electricity demand, as long as it is necessary.”