European Union energy ministers hold meeting, natural gas prices become the focus

The EU energy ministers' meeting was held on the 29th, with natural gas prices receiving much attention. Currently, energy costs have risen sharply, and Europe is heading into a challenging heating season. The benchmark European natural gas futures price has surpassed 100 euros per megawatt-hour, reaching this level for the first time since December 2022. EU Energy and Housing Affairs Commissioner Jorgensen warned that Europe is facing "another energy crisis" and that more than 50 million European residents may be unable to afford heating costs this winter. For a typical household using gas heating, energy costs for the heating season from November this year to March next year are expected to increase by around 600 euros; with taxes and fees, the additional expenses could reach 715 euros. Jorgensen also noted that this energy crisis is, in some respects, even more severe than in 2022, as the pressure no longer stems only from natural gas—prices for gasoline, diesel, and other refined oil products remain high as well. Energy costs will further transmit to transportation, industrial production, and commodity prices, putting even greater pressure on the European economy. (CCTV)