European Union (EU) Energy Commissioner Kadri Simson said that the EU is talking with partners about the potential for increasing gas supplies to the bloc.
A gas supply crunch in Europe, widely blamed on a dearth of gas flows from Russia, has caused energy prices to soar. Simson said she will attend conferences in Azerbaijan and Washington in February to discuss ways for increasing gas deliveries to Europe.
The gas storage levels in the EU are significantly lower than usual at this time of the year, she explained.
Ministers meeting in the city of Amiens had discussed uncertainty in the market caused by the Ukraine crisis and significant falls in flows from Russia in recent months, Simson said. Simson highlighted the European Commission’s proposal that aims to review gas supply regulations to improve coordination among member states on gas storage.
Experts attributed the increase in gas prices to several factors, including low occupancy levels in European underground storage facilities, cold winters and hot summers, limited supply from major suppliers, and high demand for LNG in Asia.