Czech Republic convenes emergency meeting of EU energy ministers

BRUSSELS, 26 Aug – PRIME. The Czech Republic, presiding until the end of the year in the Council of EU countries, is convening an urgent meeting of EU energy ministers to discuss measures to resolve the situation in the energy sector, Prime Minister Petr Fiala said.

The Czech Presidency “will convene an urgent meeting of energy ministers to discuss concrete emergency measures to resolve the energy situation,” Fiala tweeted.

The date is not specified.

The Ministry of Industry and Trade of the Czech Republic RIA Novosti confirmed that the head of the department, Josef Sikela, announced the preparation of the meeting.

“Mr. Minister considers it necessary to hold an emergency meeting with colleagues from other EU countries to discuss current problems in the energy sector. The date of the meeting will be determined in the near future,” Vojtech Srnka, spokesman for the Czech Ministry of Industry and Trade, said.

As reported yesterday, according to the data of the Nord Pool exchange, the average wholesale price of electricity as of August 26 in a number of EU countries crossed the mark of 700 euros per megawatt-hour or came close to it. Above this level, it was in Austria, Belgium and France. Prices on August 27 in these countries fell below the level of 700 euros.

Gas futures in Europe on Friday morning were at $3,000 per 1,000 cubic meters, according to data from the London ICE exchange.

The European Union has taken a number of measures in the gas sector in recent months. Thus, in early August, the EU states agreed on new rules, according to which they must make every effort to reduce their demand for “blue fuel” from August 1, 2022 to March 31, 2023 by at least 15% compared to the average demand for this the same period during the previous five years. This goal is now voluntary, the countries themselves can determine how to achieve it. However, the rules provide for the possibility of making it mandatory for the countries of the union with some exceptions.

In June, new legislation was adopted, according to which storage facilities in the EU must be filled with “blue fuel” by at least 80% by November 1, 2022, and in subsequent years – by 90%. In total, 18 out of 27 states in the EU have underground gas reservoirs.

Underground storage facilities are now over 80% full of gas in ten countries, five of them over 90%, according to the latest figures from the Gas Infrastructure Operators Association of Europe (GIE). In general, the capacities of UGS facilities in the EU countries were used by a little more than 78% as of August 23.