Energy And Food Price WatchIreland
Wholesale Gas Hits €100 Again As EU Ministers Meet On Winter
EU energy ministers meet as gas touches €100/MWh for the first time since 2022. Kitchens should watch their next energy contract.
In Short
- European wholesale gas briefly touched €100 per megawatt hour, the first time since December 2022.
- Gas is trading at roughly three times the level before the Iran war.
- EU gas storage stands at 75% of capacity, against 83% a year ago.
- The Commission has proposed lower tax on electricity than on gas to cut bills.
EU energy ministers are meeting to talk about energy security before winter. Oil and gas prices are rising because of wars in the Middle East, Ukraine and Yemen.
Damaged refineries and disrupted shipping routes are adding to the pressure.
Energy Commissioner Dan Jorgensen said it does not look like there is a security of supply problem. He said affordability matters just as much, because supply means little to people who cannot pay for it.
It does not look like we have a security of supply issue.
A Commission proposal would cut electricity bills through changes to tax and grid fees, for example by taxing electricity at a lower rate than natural gas.
Western countries have also agreed to release more than 400 million barrels of emergency oil stocks faster, and the Commission is talking to refineries about raising output.
What Does This Mean For Your Restaurant?
The report does not mention Ireland or restaurants. But if your energy contract is up for renewal this winter, ask your supplier now how it is priced, and check how much of your bill is gas.
Sources
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