EU Gas Storage Levels Critically Low Amid Price Surge

European Energy Commissioner Dan Jørgensen has written to EU governments, urging them to continue curbing energy demand as gas and electricity consumption remain high amid 'exceptionally low' storage levels. In a letter seen by Euronews, Jørgensen notes that the situation 'has not improved' since his first warning in March.

The current storage levels are 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 has risen by €40MWh since the US and Israel bombed Iran on February 28th, reaching around €72 per MWh.

Jørgensen recommends measures that were used during the 2022 energy crisis, including 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. However, he stops short of imposing mandatory measures.

The Commission is also pointing ministers towards their national emergency plans, which contain more serious tools that could be activated if conditions deteriorate, including interruptible gas contracts and switching power plants from gas to other fuels.