Conflict between the US and Iran added €100 billion to the region's fuel expenditure and pushed gas prices above €80 per megawatt hour, the highest since late 2022. This energy volatility, coupled with political instability in Germany and France, has dragged the euro toward its lowest level of the year at just under $1.14, down from $1.20 in August. Jorgensen is urging member states to reduce electricity and gas demand to ensure storage levels are sufficient for the winter heating season.
Wednesday, October 21, 2026
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EU Paid $113B More for Energy With No Extra Fuel
Commodities21 days ago
European Union Energy Commissioner Dan Jorgensen told energy ministers in Dublin on September 29 that the cost of importing non-Russian fuel has escalated. The 27-nation bloc spent more than $113 billion in additional energy payments this year without receiving any extra molecules of oil or gas in exchange, a cost Jorgensen attributed to the decision to stop buying energy from Russia. He characterized the current environment as a price crisis driven by a supply shortage.
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