Energy ministers from across the European Union gathered in Dublin, Ireland, on the 29th for an informal meeting, as the bloc's energy market faces mounting pressures from rising oil and gas prices, low natural gas storage levels, and growing uncertainty over global energy supply.
With winter approaching, the central focus of the meeting was how to simultaneously secure energy supply and ease the burden of rising energy costs.
According to the meeting agenda for the 29th, the first topic of the day was "the burden of energy prices."
Ahead of the meeting, EU Energy Commissioner Jorgensen sent a letter to the energy ministers of member states, stating that the EU is confronting a "price crisis linked to an energy supply crisis" and calling on countries to take measures to maintain natural gas storage, or to cut natural gas and electricity demand if necessary.
European natural gas prices have remained persistently high in recent weeks, with storage levels also below the same period in previous years.
The latest information released by the EU energy regulator on the 28th showed that Europe is relatively vulnerable to energy shocks, and with global natural gas supply tightening, the EU faces significant pressure to replenish its gas reserves before winter, with the cost of refilling storage likely to rise further.
Meanwhile, pressure in the oil market is also building.
European Commission data shows that as of September 24, the average price of diesel in EU member states had climbed to 2.23 euros per liter, setting a record high.
International Energy Agency Executive Director Birol said before the meeting on the 29th that IEA member countries could discuss further releases of strategic oil reserves in the future if the market requires it.
He specifically noted that the IEA is currently closely monitoring markets for diesel and other petroleum products.
Persistently rising energy prices are also increasing pressure on Europe's economic performance.
European Central Bank President Lagarde said on the 28th that the recent rise in inflation in the eurozone was mainly driven by the impact of higher energy prices, and that inflation expectations for the next two years had therefore been revised upward compared with previous forecasts.
It is clear that the energy challenge currently facing Europe is no longer simply a question of "whether there is energy," but rather the enormous cost brought about by rising energy prices.
Jorgensen said on the 29th that since the outbreak of the Iran war, the EU has spent more than 100 billion euros in additional energy import costs.
As winter approaches, how to ensure that households and businesses can "afford energy" while guaranteeing energy supply and reducing the impact of rising energy prices on economic performance is becoming a practical dilemma for the EU.
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