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Energy crisis: European gas prices at the lowest level in two months

  • Post category:Economy News
  • Reading time:2 mins read

This is the lowest level since July 25. However, compared to the annual average for this period, natural gas still costs around seven times more. The measures taken in Europe to counter the energy crisis seem to be starting to have their effect, writes the Bloomberg news agency. Major energy consumers such as Germany and the United Kingdom have started to dismantle their dependence on Russian gas, while the European Commission has announced measures to limit the rise in prices.

In Germany, the government decided last week to take control of the activities in the country of the oil company Rosneft. Berlin is also considering buying three gas companies, including Uniper and VNG. For its part, the United Kingdom is preparing a plan of 40 billion pounds to halve the energy costs of companies. France also wants to keep the price of energy for the consumer under control.

With the drop in temperatures, an increase in gas consumption in Europe is expected in the coming weeks. Traders pay particular attention to gas reserves, which are currently 86% filled on average in Europe (and even 90% in Germany). These reserves are in the form of underground reservoirs intended to guarantee the security of the energy supply in the event of a disruption in deliveries, in particular from Russia.