European Commission says Russian energy blackmail failed

The European Commission reported the information on Twitter.

"Russia’s energy blackmail has failed. Thanks to the efforts of EU citizens and businesses, we have cut our gas use by 19%. And our gas storage is still filled at 62%," the European Commission said.

In particular, the post adds that thanks to European unity and smart energy policy, the EU is strengthening its energy independence.

• The price of gas in Europe has decreased by 3 times over the winter. The decline in prices occurred amid an abnormally warm winter in European countries and high occupancy of gas storage facilities. On December 27, by the close of trading at the TTF hub in the Netherlands, the price of gas fell below USD 850 per 1,000 m3 for the first time since February 22.

• Also, natural gas prices on the Ukrainian market fell below UAH 20,000 per 1,000 m3 for the first time in 1.5 years at the February 28 auction.

• On March 4, the price of gas in Europe fell below USD 500 per 1,000 m3 for the first time since August 23, 2021.