Europe is heading into winter with gas reserves at their lowest level since 2011, putting households at risk of another surge in energy bills.
Gas prices have risen 140% since the war on Iran began, adding to concerns about how families will afford to heat their homes.
Here's what to know
European Union gas storage stood at 74% of capacity on October 20, a low for that date not seen since 2011, according to Euronews. Gas prices also topped €100 (roughly $112 USD) per megawatt-hour, a threshold last crossed in 2022.
The Strait of Hormuz, through which 20% of global oil and gas passes, had remained shut for close to eight months. Meanwhile, Brent crude, a benchmark for oil prices, climbed to $110 a barrel.
The talks produced no binding decisions or specific targets for reducing demand. EU energy ministers met in Luxembourg on October 29 to discuss a response.
More background
Rising energy prices are becoming a supply problem. Even so, Brussels says energy supplies face no immediate threat.
TCD Picks » Quince Spotlight
💡These best-sellers from Quince deliver affordable, sustainable luxury for all
Compared with its position before Russia's invasion of Ukraine, the EU is now more resilient, in the European Commission's assessment.
What's being done?
Preventing panic buying while countries refill their reserves is the aim of the proposed reduction in the storage target. Ministers considered four packages of measures, including voluntary reductions in gas demand and lowering the storage target from 90% to 80%.
Member countries have not resolved their differences over energy taxes or joint energy purchases. Joint purchasing is part of another package that would also bring in more liquefied natural gas, or LNG.
Ministers also discussed measures to lower bills, including a goal of equipping 50% of homes with smart meters by 2030.
Efforts to address energy costs also extend to network charges, though an agreement on those charges is not expected until December at the earliest.
Where can I learn more?
Europe's tight gas supplies are affecting household bills and energy policy across the region.
• The UK faces a harsher winter as oil prices rise and gas reserves thin.
• Spain has capped gas price hikes at 15% and extended fuel relief measures.
• In Britain, gas supply shortages could leave household cookers unusable during winter grid strain.
• In Italy, solar dominated midday electricity, but gas drove power prices after sundown.
• Brussels is weighing grids and energy storage over new mandates in post-2030 renewable policy.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
