EU Energy Chief Warns of Prolonged Price Pressures
In an interview with a European publication, Jorgensen cautioned that “in the best of cases, we have to prepare for a fairly tough summer,” describing the overall situation as “very serious.” He warned that disruptions linked to ongoing conflicts are already affecting global energy markets and could continue to do so for an extended period.
He stressed that even in a scenario where hostilities end immediately, the effects on energy systems would linger. “Even if peace is declared tomorrow, we are facing weeks, months, and even years of difficulties when it comes to energy prices,” he said.
Part of the concern stems from reported damage to key natural gas infrastructure in the region, which could take years to repair, potentially sustaining higher prices. While oil markets may recover more quickly, he noted that even short-term interruptions can have significant consequences.
“Just a few weeks can be crucial if we run out of jet fuel or diesel, or face supply problems,” he added, highlighting the fragility of supply chains.
Consumers are also expected to feel the impact, particularly in sectors such as aviation. Jorgensen warned that “flying will become more expensive and, in some cases, we could even see cancellations.”
He described the situation as a “wake-up call” for Europe to accelerate its transition toward renewable energy, pointing to the bloc’s continued reliance on imported fossil fuels. According to his remarks, Europe spends hundreds of billions of euros annually on such imports and has already incurred additional costs since the start of the recent conflict.
Jorgensen also made clear that a return to reliance on Russian energy is not being considered, regardless of developments in the Ukraine conflict.
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