Europe gears up for a new wave of energy crisis: quick fixes are nearly exhausted
The European Union is entering a new heating season amid a sharp increase in energy prices and limited options to contain them quickly. At the EU energy ministers' meeting in Dublin on September 29, officials discussed tax relief, targeted support for consumers, and possible use of strategic fuel reserves.
As Politico writes, the situation is complicated by several factors: European gas is near multi-year highs, storage levels are lower than typical for the start of the heating season, and the conflict in the Middle East continues to create risks for oil, gas, and petroleum product supplies.
Ahead of the meeting, EU Energy Commissioner Dan Jørgensen said that in 2026 the EU has already paid approximately 100 billion euros more for imported energy, while receiving no larger volume of oil or gas for those additional costs.
"This shows how unsustainable our dependence on energy sources from other parts of the world is," — said Jørgensen.
His remarks were published by the European Commission's audiovisual service.
The official theme of the first working session of ministers in Dublin was energy affordability. Participants also discussed security of supply and ways to reduce the EU's dependence on imported fossil fuels.
However, governments' ability to quickly offset rising prices is limited. Ireland's Energy Minister Darragh O'Brien said that EU countries can use tax relief, but no government is able to protect consumers from every increase in energy costs.
Among the short-term options being discussed in the EU are reducing certain energy taxes and temporary financial support for households and businesses. At the same time, European officials warn against overly broad subsidies: measures should be temporary and targeted so as not to disrupt competition within the single market.
Another problem is the state of gas reserves. According to Gas Infrastructure Europe, as of September 28, European underground storage facilities were filled to about 71%. Germany had about 58%, the Netherlands about 58%, while Italy almost 87%. Overall, EU storage facilities held about 805 TWh of gas.
At the same time, Europe faces tougher competition for liquefied natural gas. After the escalation in the Middle East, the cost of LNG for European buyers has risen significantly, and some Asian countries are also competing more actively for available fuel supplies.
An additional risk for the EU remains the possible restriction of American diesel exports. The United States is currently one of the key suppliers of this fuel to Europe. Fatih Birol, head of the International Energy Agency, said in Dublin that Europe is among the regions most vulnerable to disruptions in the diesel market before winter.
The IEA is monitoring the situation and, in the event of more serious supply disruptions, is ready to discuss further measures with participating countries. The EU is also considering the possibility of additional use of oil reserves if price pressures intensify.
Meanwhile, Brussels' long-term answer remains the same: accelerated development of renewable energy, electrification, and modernization of networks. European officials acknowledge that these measures can reduce import dependence but cannot quickly lower consumer bills this winter.
