European Union faces energy supply crisis and rising costs ahead of winter

As of late September 2026, the European Union is grappling with a combination of energy supply risks and surging prices. EU Energy Commissioner Dan Jorgensen has formally urged member states to implement measures to reduce electricity and gas consumption, warning that current storage levels, at approximately 70% capacity, are 12 percentage points lower than at the same time last year. The instability is largely attributed to the ongoing conflict involving Iran, which has driven gas prices to levels unseen since late 2022.

The energy crisis has significant social implications, with Commissioner Jorgensen highlighting that approximately 50 million European citizens face the difficult choice between heating their homes and purchasing food this winter. While the Commission maintains that basic supply for protected consumers remains stable, the volatility in global markets has prompted calls for immediate national interventions to support vulnerable populations.

European officials are scheduled to discuss the path forward at an informal Energy Council meeting in Dublin on September 30. A detailed report on winter preparedness, prepared by the European Network of Transmission System Operators for Gas (ENTSOG), is expected to be finalized and presented on October 8, 2026.