EU Warns of Energy Shortage as Gas Prices Soar to Record High

European Energy Commissioner Dan Jørgensen has urged EU governments to continue curbing energy demand due to exceptionally low gas storage levels. In a letter seen by Euronews, he noted that the situation has not improved since his first warning in March and that prices are expected to rise further.

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 warn 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 points to measures used during the 2022 energy crisis, including reducing electricity consumption during peak hours and encouraging consumers to shift demand through smart meters. However, he stops short of imposing mandatory measures, instead inviting governments to consider voluntary demand reduction.