The European Commission has urged member state capitals to reduce demand for gas and electricity to contain prices amid the global energy crisis, Politico reports.
"In the context of limited global supplies and high price volatility, reducing demand can be an effective tool to contain prices", writes EU Energy Commissioner Dan Jorgensen in a letter to EU ministers dated September 25, which the publication has seen.
Specifically, Jorgensen urges ministers to take measures to reduce demand for gas and electricity "for as long as necessary".
He argues that although the situation is "difficult", "there are currently no immediate risks to security of supply".
According to the publication, gas storage levels in Europe are currently at historically low levels as the war disrupts global gas flows, which could lead to a costly winter for the continent.
Storage levels currently stand at 68% of capacity, which is significantly less than the 71% reported in the same period in 2021 - just before the start of the historic energy crisis caused by the COVID-19 pandemic and the start of the war in Ukraine.
The publication notes that the EU has set a baseline target of filling gas storage to 90% by early November; However, flexibility was introduced in March, allowing countries to aim for an 80% fill rate this year to avoid panic buying and reduce costs.
Jørgensen's letter stressed that price regulation measures adopted by EU countries must be "targeted" and "temporary" to avoid a sharp spike in demand.