No energy shortage, but a painful winter looms for Europe, top EU energy leader warns
Europe needs to protect consumers from another energy price shock while making fossil fuels less central to the economy. Emergency measures can soften the immediate blow, but Brussels is warning governments not to let short-term subsidies or tax decisions undermine the green transition.
European Union Energy Commissioner Dan Jørgensen cautioned that Europe is not presently experiencing an energy shortage, but warned of a potentially harsh winter ahead. Nearly 50 million Europeans currently struggle to adequately heat their homes during a typical winter, highlighting the social risks associated with additional price hikes.
Jørgensen highlighted the possibility of revising rules to be more adaptable and efficient, emphasizing the need to address supply and demand issues. French President Emmanuel Macron called for temporary relaxation of fuel rules to aid refineries in producing more diesel and similar products, given rising domestic supply. However, IEA leader Fatih Birol deemed the idea of an emergency oil release as not being a top priority, as countries have released about 20% of their strategic stocks, leaving roughly 80% available for further action if supply disruptions worsen.
The European Commission plans to delay by one year the implementation of specific parts of the EU methane rules regarding imports, in an effort to alleviate pressure on energy markets while preserving the bloc's long-term climate objectives. Jørgensen stressed the importance of accelerating the EU's departure from fossil fuels by investing in renewables, electrification, and energy efficiency.
He reaffirmed that the answer lies in doubling down on the green transition while simultaneously adopting a flexible and pragmatic approach during this challenging transition phase. Nonetheless, there will be no EU-wide windfall tax to prevent soaring energy prices, as countries will independently introduce national schemes within EU regulations.
Jørgensen and Birol emphasized that tax systems should not heavily burden electricity while imposing lower taxes on gas, as this could deter households and industries from switching to electricity. Gas storage remains a concern in the EU's energy landscape, with the bloc requiring an 80% storage target, down from 90%. Birol stressed the significance of cooperation between gas-producing and consuming countries, citing Norway, Canada, and Nigeria as potential suppliers to help Europe manage disruptions.
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