Gas storage levels in Europe are currently at historic lows as the war in Iran disrupts global gas flows, which could set up the continent for an expensive winter.

Storage levels currently sit at 68% of capacity, which is well below the 71% measured at the same period in 2021 — just before the start of a historic energy crisis in the wake of Covid-19 and the start of the war in Ukraine.

The EU has a baseline target to have gas storage filled to 90% by the start of November, but some flexibility was granted on this in March, allowing countries to aim for 80% this year to avoid panic buying and alleviate costs.

Measures taken by EU countries to regulate prices should be "well-targeted" and "temporary", Jørgensen's letter reads, to avoid a surge in demand.