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Analysts warn that further price spikes could echo the 2022 energy crisis.<\/p>\n
EU officials insist the bloc is better prepared than in 2022, when Russia\u2019s invasion of Ukraine triggered severe energy shortages. They point to increased domestic clean energy production and stronger infrastructure.<\/p>\n
However, uncertainty remains high due to the unpredictable duration of the conflict. Officials also warn that the EU\u2019s \u201cfinancial manoeuvring room is more limited than before,” as defence spending has increased.<\/p>\n
Despite efforts to diversify supplies since 2022, Europe remains exposed to global shocks and must be ready for renewed volatility, even if the situation falls short of a full-scale crisis, officials said.<\/p>\n
Speaking after a ministerial meeting in Brussels on Friday, Economy Commissioner Valdis Dombrovskis said the \u201cscale, severity and impact\u201d of the war have intensified over the past two weeks.<\/p>\n
He cited the closure of the Strait of Hormuz and attacks on energy infrastructure, which have pushed Brent crude above $100 a barrel<\/a> and driven up natural gas prices.<\/p>\n \u201cThe key issue is the duration and intensity of the crisis, as these will determine the scale of the energy shock (\u2026) Our shared hope is for de-escalation and avoiding major disruption to energy infrastructure,\u201d Eurogroup President Kyriakos Mihrakakis said.<\/p>\n Pierre Gramegna, managing director of the European Stability Mechanism, warned that \u201ceven if the conflict were to end tomorrow, the consequences would remain with us for a long time.\u201d<\/p>\n EU\u2019s \u2018toolbox\u2019 under discussion to tackle rising prices<\/p>\n Ministers discussed possible coordinated measures based on a European Commission note dated 26 March, seen by Euronews, in the presence of International Energy Agency chief Fatih Birol, who has warned about an energy crisis more severe than the 1970s.<\/p>\n As the long-term impact of the Iran conflict is assessed, the Commission is urging member states to accelerate the shift to clean energy. Spain and Portugal are cited as examples due to their lower exposure to price volatility linked to renewables.<\/p>\n According to the note, renewables accounted for around 48% of the EU\u2019s electricity mix in 2025, up from 36% in 2021, driven by wind and solar. Over the same period, fossil fuels fell from 34% to 26%.<\/p>\n \u201cEurope\u2019s energy transition is a strategic objective, and no short-term crisis will divert us from it,\u201d Dombrovskis said.<\/p>\n