EU Calls on Countries to Curb Energy Demand Amid Low Storage Levels

European Energy Commissioner Dan Jørgensen is urging EU governments to take measures to reduce gas and electricity demand amid exceptionally low storage levels. In a letter seen by Euronews, Jørgensen noted that the situation has not improved since his first warning in March.

The current gas storage level in the EU is around 70% full, which is roughly 12 percentage points below the same point last year, according to Gas Infrastructure Europe. The Dutch TTF benchmark for natural gas prices is trading at around €72 per MWh, up €40MWh since the US and Israel bombed Iran on February 28.

Jørgensen suggests using voluntary measures, such as reducing electricity consumption during peak hours, encouraging consumers to shift demand through smart meters and retail tariffs, limiting temperatures in public buildings, restricting outdoor heating, and switching off unnecessary public lighting at night. He also points ministers towards their national emergency plans, which contain more serious tools that could be activated if conditions deteriorate.

The Commission is warning of potential spikes above €100/MWh during peak winter if LNG export volumes from the Gulf fail to grow or if Norwegian maintenance prolongs export constraints. Jørgensen encourages capitals to use the flexibility in EU gas-storage rules to avoid panic buying and consider an 80% filling target, rather than pushing aggressively towards the 90% goal.