Dublin:EU energy ministers are convening in Dublin, Ireland, to discuss strategies for mitigating the impact of increasing fuel and gas prices as winter approaches. The meeting comes as consumers face a potentially challenging season due to the cost pressures.
According to Qatar News Agency, European Commissioner for Energy Dan Jorgensen highlighted the critical nature of the situation. He pointed out that the escalation in the Middle East and the closure of the Strait of Hormuz have added more than EUR 100 billion in energy costs since late February to secure supplies for the EU's member states.
The meeting, although informal and not expected to yield major declarations, seeks to coordinate the European response to the crisis. This effort includes collaboration with Fatih Birol, the Executive Director of the International Energy Agency.
Ahead of the meeting, Jorgensen urged member states to reduce gas demand and electricity consumption during peak hours. The European Commission aims to prevent a rush to fill gas storage facilities, which could further inflate prices.
Current gas storage levels in the EU are at about 70 percent, with France at 82 percent and Germany and the Netherlands at 57 percent. Despite these figures, Jorgensen assured there is no immediate threat to supply security.
The European Commission is also concerned about potential protests due to rising prices and recommends targeted support for the most affected sectors. It has relaxed state aid rules to facilitate this support.
Responses across countries differ, with Portugal and Romania implementing broad tax cuts, while France targets assistance for specific sectors amid its budget deficit. French President Emmanuel Macron has called on Brussels to delay a European law on methane emissions by one year to help ease fuel prices.