Brussels Urges Voluntary Demand Cuts to Mitigate Winter Energy Crisis
EU Energy Commissioner Dan Jørgensen has urged member states to implement voluntary measures to reduce gas and electricity demand, citing 'constrained global supply' and high price volatility. With European gas storage at historic lows of 68-70% due to disruptions from the Iran conflict and Asian competition for LNG, the Commission warns that current price pressures could escalate into a supply crisis. Jørgensen emphasized that while there is no immediate risk to security of supply, the situation remains 'challenging,' and he advised against panic buying by suggesting an 80% storage fill target rather than the standard 90%. The Commission highlighted that demand reduction, as seen in 2022, is an effective tool to contain prices, though it stopped short of imposing mandatory cuts.
