EU Scrambles to Contain Energy Price Crisis Ahead of Winter

The energy ministers of EU member states are meeting today to discuss how to tackle a worsening energy price crisis as winter approaches, and with it, peak heating demand season. The meeting follows reports from Wednesday citing Energy Commissioner Dan Jorgensen as saying a series of refinery closures in EU member states over the past 20 years was a mistake as the diesel squeeze pushes prices to all-time highs.

Natural gas prices in the EU, meanwhile, touched 100 euro per MWh on Wednesday, contributing to the sense of urgency. “We are in a very serious situation now. It does not look like we have a security of supply issue but I would warn against neglecting that,” Jorgensen told media yesterday, as quoted by Reuters.