Free Trial
NATURAL GAS

Russian Share of European Gas Falls Further in September

CORN TECHS

(Z2) Uptrend Remains Intact

US TSY FUTURES

Mixed 10Y Trade

EQUITIES

Program seller on the cash open

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

MNI BRIEF: EU Ministers Agree 15% Gas Consumption Cut

(MNI) London
(MNI) Brussels

EU energy ministers agreed consumption cuts and supply shortage alert trigger mechanism

True

EU energy ministers agreed Tuesday on a voluntary reduction in gas consumption of 15% ahead of the 2022-23 winter, as well as a mechanism to trigger a Union Alert if there is a risk to supply, in which case reductions would become mandatory. The savings are aimed at building storage levels ahead of the winter and possible disruptions of supply by Russia.

States agreed that the EU Commission will present a proposal to trigger a ‘Union alert’ in case of a substantial risk of a severe gas shortage or exceptionally high gas demand, or if five or more member states that have declared an alert at national level request the Commission to do so.

Keep reading...Show less
199 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

EU energy ministers agreed Tuesday on a voluntary reduction in gas consumption of 15% ahead of the 2022-23 winter, as well as a mechanism to trigger a Union Alert if there is a risk to supply, in which case reductions would become mandatory. The savings are aimed at building storage levels ahead of the winter and possible disruptions of supply by Russia.

States agreed that the EU Commission will present a proposal to trigger a ‘Union alert’ in case of a substantial risk of a severe gas shortage or exceptionally high gas demand, or if five or more member states that have declared an alert at national level request the Commission to do so.

Keep reading...Show less