Brussels, Belgium. Cyprus Energy Minister Michael Damianos said the European Union is exposed to external price volatility in its energy acquisition after EU energy ministers met following Iran’s closure of the Strait of Hormuz.
Supply security and diversification
Damianos said the bloc’s 27 energy ministers and Energy Commissioner Dan Jorgensen confirmed that, for now, the EU’s security of supply remains relatively safeguarded due to diversification of liquefied natural gas and oil sources in recent years and the EU’s limited dependence on imports from the Gulf area.
He said ensuring supply security for the 2026 and 2027 winter remains a key priority, and that ministers underlined that rising global energy prices are affecting all member states, particularly households and industry.
External price volatility and coordinated response
Damianos said the EU’s exposure to external price volatility stems from the bloc being a net energy importer in a highly interconnected global market.
He said ministers offered broad support for a coordinated European response to rising energy prices linked to the conflict in the Middle East, and agreed that EU and national measures should be carefully designed, coordinated, targeted and tailored to the current situation while remaining consistent with long-term objectives.
He said these objectives include decarbonisation, diversification of suppliers, and reduced reliance on fossil fuels.
Gas storage targets and strategic reserves
Damianos said ministers recognised the need for stronger coordination at the EU level, especially regarding gas storage targets, to prevent further price pressures.
He also said ministers noted the need for caution in using strategic oil reserves to avoid compromising future supply security, and the need for closer coordination on gas storage refilling among member states.
He said member states must ensure access to timely and accurate data to help prevent upward pressure on prices.
How could rising global energy prices affect your household or business in the coming months?
