EU warns of 'very high' energy prices this winter

EU Energy Commissioner Dan Jorgensen warned Tuesday that the bloc faces a challenging winter with “very high” oil and gas prices because of the US-Iran war, but said he did not expect security of supply problems.

“There’s no doubt that we are approaching a winter that’s going to be challenging,” Jorgensen told reporters after a meeting of energy ministers in Dublin.

He proposed a one-year delay to new rules curbing methane emissions, saying the move would help ease pressure on energy markets.

European Union energy ministers met in Dublin as the bloc sought ways to limit the impact of high energy prices before winter. The informal talks were aimed at coordinating national action and were not expected to produce major decisions.

Before the meeting, Jorgensen had urged the EU's 27 member states to consider measures to reduce demand for gas and electricity to help contain prices for as long as necessary. He had also said gas storage levels were exceptionally low for this time of year, while noting there were no immediate risks to security of supply.

Storage averages about 70 percent across the EU, with large differences between countries. France's tanks are 82 percent full, while Germany's are 57 percent full.

The European Commission has recommended targeted support for the hardest-hit sectors and relaxed state aid rules. France and others have called for more flexibility, including a possible one-year delay to EU rules requiring oil and gas importers to monitor and report methane emissions from 2027.