EU energy ministers on Monday, March 4, 2024, agreed to prolong measures to voluntarily reduce gas consumption by a target of 15 per cent across the European Union by March 2025.
European Commission. Photo credit: Mark Renders/Getty Images
Belgian Energy Minister, Tinne van der Straeten, said in a statement that the bloc has “come a long way since 2022” when the energy crisis was most dire after Russia attacked Ukraine.
EU countries originally pledged in 2022 to cut their consumption by at least 15 per cent compared to the average of the past five years.
This is to ensure energy supplies for winter after Russia drastically reduced exports to the bloc.
The savings target was exceeded, with demand reduced by over 19 per cent on average across the EU.
Another extension followed in March 2023 and was due to expire at the end of this month.
The original agreement also contained a provision, should a security of supply crisis occur, to make the voluntary consumption reduction target mandatory.
This is no longer in place.
Measures related to energy supply are to move voluntarily as the supply situation in the EU has significantly improved since 2022.
Natural gas prices rose dramatically in 2022 due to Russia’s invasion of Ukraine.
At their peak, wholesale prices were more than 300 euros ($325).
Prices dropped noticeably after gas shortages could be avoided thanks to replacing Russian fuels with imports from elsewhere and cutting demand.
