The EU's natural gas reserves are low

Kadri Simson made statements about the recently increased natural gas and electricity prices to the Industry, Research, and Energy Committee of the European Parliament (ITRE). Reminding that electricity and natural gas prices reached historical peaks in December, Simson stated that the megawatt-hour price of wholesale gas climbed up to 180 euros in the said period. Simson reminded us that half of the inflation rate in the Eurozone is due to the price increase in energy products. Pointing out that prices have decreased to some extent as a result of liquefied natural gas (LNG) deliveries, mild climate conditions, and decreased industrial consumption, Simson said, "Energy prices remain high and markets remain volatile due to geopolitical tensions." Emphasizing that the level in EU gas tanks is constantly decreasing, Simson said, "Currently, gas tanks are at a level of 40 percent. This is 10 percent below the same period of previous years." Pointing out that there is an unusual gas flow to Europe, Simson said that gas flow to Western Europe has decreased by half compared to the same period of the previous year. Simson stated that they will follow the energy markets closely and make preparations for various possible scenarios. Pointing to the importance of investing in renewable resources and diversifying energy supply in the long term, Simson said that he will attend the Southern Gas Corridor ministerial meeting in Azerbaijan on February 4 and the EU-US Energy Council on February 7.