EU Energy Commissioner Dan Jorgensen sent a letter on the 25th to energy ministers across EU member states, calling on all countries to conserve energy in order to address the energy price crisis.
According to Reuters, Jorgensen wrote in the letter that the EU is facing a price crisis related to a supply crisis. He called on EU countries to adopt or continue implementing relevant measures to maintain gas storage injections, or to cut natural gas and electricity demand when necessary.
Jorgensen mentioned that energy-saving measures could include limiting temperatures inside public buildings, banning outdoor heating equipment, and turning off non-essential public lighting.
Europe's energy supply relies heavily on imported oil and gas, making it highly vulnerable to fluctuations in the international energy market. European Commission data shows that 57% of the EU's energy consumption depends on imported fossil fuels.
Due to geopolitical conflicts disrupting oil and gas transportation, oil and gas prices in the EU have recently surged. Data released by the European Commission on the 24th shows that the average diesel price in EU member states has risen to 2.23 euros per liter, setting a new record.
On March 11, customers refueled at a gas station in Villeneuve-d'Ascq in northern France. Photo by Sebastien Courgi (Xinhua News Agency).
According to a report by the UK's Financial Times in early September, European natural gas prices hit a three-year high, and gas inventories reached only 65.6% of storage capacity, the lowest level for the same period in 15 years.
According to Reuters, some EU countries are finding it difficult to replenish inventories before the peak winter energy demand arrives because of high natural gas prices.
GAMCO Natural Resources Gold & Income Trust (GNT) is a closed-end fund that invests in natural resources and gold-related companies, and its performance may be influenced by broader energy market volatility and commodity price trends.
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