EU Braces for Worst Energy Crisis Since 2022 Amid Soaring Gas Prices
The European Union is bracing itself for its worst energy crisis since 2022 as gas prices nearly triple from this year's lows. Energy Commissioner Dan Jorgensen warned that the bloc could face a very bad winter, possibly even worse than the one in 2022.
European natural gas prices have surged from around $31 per megawatt-hour in January to over $80 in September, their highest level in nearly four years. This significant increase has raised concerns about fuel supplies and soaring prices. Jorgensen urged Washington to maintain a free flow of energy between the US and EU countries.
The EU's reliance on oil and gas is a long-term challenge, with almost 70% of energy used for heating and cooling still coming from these fossil fuels. The European Commission plans to expand electrification, power grids, and storage but aims to electrify only 46% of final energy consumption by 2040.