EU Urged to Cut Energy Demand Amid Low Gas Storage Levels

The European Energy Commissioner Dan Jørgensen has urged EU governments to continue curbing energy demand to reduce gas and electricity consumption. In a letter seen by Euronews, he noted that gas storage is around 70% full, roughly 12 percentage points below the same point last year.

Jørgensen pointed out that the situation 'has not improved' since his first warning in March. He encouraged governments to consider 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.

The Dutch TTF, the European benchmark for natural gas prices, is trading at around €72 per MWh, up €40MWh since the United States and Israel bombed Iran on 28 February. Analysts are 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.