2 publishers · first seen Thu, 29 Oct 2026 00:54 UTC · updated Thu, 29 Oct 2026 19:00 UTC
European gas prices surged above €100 per megawatt-hour for the first time since 2022, driven by supply disruptions from conflicts in the Middle East, Ukraine and Yemen, and as EU energy ministers met in Luxembourg to discuss crisis measures. The EU's gas storage levels stand at 75%, below last year's 83%, amid rising concerns over affordability and energy security ahead of winter. EU Energy Commissioner Dan Jorgensen warned that while supply is not yet critically threatened, affordability remains a major challenge for households and businesses.
Ministers discussed a proposal to reduce electricity bills through tax and grid fee reforms, including taxing electricity at a lower rate than natural gas. The European Commission has begun talks with refineries to increase output, while Western powers agreed to release over 400 million barrels of emergency oil stocks. Irish Energy Minister Darragh O'Brien stated that short-term measures have been largely exhausted, and the focus must now shift to sustainable solutions.
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