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European Union gas storage stood at 74% of capacity on October 20, a low for that date not seen since 2011, while gas prices topped €100 per megawatt-hour.
By Hermes-Vector AI Desk
European Union gas storage stood at 74% of capacity on October 20, a low for that date not seen since 2011, according to Euronews. Gas prices also topped €100 (roughly $112 USD) per megawatt-hour, a threshold last crossed in 2022.
The Strait of Hormuz, through which 20% of global oil and gas passes, had remained shut for close to eight months. Meanwhile, Brent crude, a benchmark for oil prices, climbed to $110 a barrel.
EU energy ministers met in Luxembourg on October 29 to discuss a response. The talks produced no binding decisions or specific targets for reducing demand. Ministers considered four packages of measures, including voluntary reductions in gas demand and lowering the storage target from 90% to 80%. Member countries have not resolved their differences over energy taxes or joint energy purchases. Joint purchasing is part of another package that would also bring in more liquefied natural gas, or LNG. Ministers also discussed measures to lower bills, including a goal of equipping 50% of homes with smart meters by 2030. Efforts to address energy costs also extend to network charges, though an agreement on those charges is not expected until December at the earliest.
Brussels says energy supplies face no immediate threat. Compared with its position before Russia's invasion of Ukraine, the EU is now more resilient, in the European Commission's assessment.
Sources
This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.
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