The European Union expects energy supplies to remain stable this winter, but foresees “very high” prices for oil and gas, according to European Commissioner Dan Jorgensen during a meeting of energy ministers in Dublin.
Jorgensen emphasized that, in light of the energy crisis stemming from the Middle Eastern conflict, this winter could be particularly challenging. He noted that nearly 50 million people in Europe typically struggle to adequately heat their homes during a normal winter, and the upcoming season may prove even tougher.
Measures to Alleviate Market Pressures
In response to these challenges, Jorgensen announced plans to relax certain regulations. He proposed delaying a European regulation concerning methane emissions linked to hydrocarbon imports by one year, in a move designed to ease market pressures on companies in the sector.
This regulation, identified as (EU) 2024/1787, sets forth guidelines for accurately measuring, monitoring, reporting, and reducing methane emissions in the EU’s energy sector. Under this regulation, EU gas and oil importers are required to monitor and report methane emissions associated with their supply starting in January 2027, aimed at curbing leaks.
In light of rising fuel prices due to the Middle Eastern conflict, French President Emmanuel Macron recently sent a letter to Ursula von der Leyen, requesting modifications to certain European regulations. Specifically, he called for a one-year postponement of the EU’s methane emission regulations, which pertain to a highly polluting greenhouse gas.
The proposed delay of the regulation from 2027 to 2028 will require approval from EU member states and the European Parliament.
This legislation faces opposition from several fossil fuel-producing countries, notably the United States, which view it as a constraint that could hinder their exports. Conversely, environmental organizations argue against any postponement, stating that it would not affect energy prices but signify a setback in European climate policy.
