• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Anne Hathaway says she was spammed with ChatGPT-written thank you notes after hiring for a recent role: ‘Nobody on that list gets that job’

2

The affordability crisis is so bad that, for the first time ever, both mom and dad are working full-time in most American families

3

Current price of oil as of June 18, 2026

1

Anne Hathaway says she was spammed with ChatGPT-written thank you notes after hiring for a recent role: ‘Nobody on that list gets that job’

2

The affordability crisis is so bad that, for the first time ever, both mom and dad are working full-time in most American families

3

Current price of oil as of June 18, 2026
EnvironmentEurope
Europe

Europe’s new normal: Scorching summer followed by ‘long, hard winter,’ as IEA tells it to cut Russian gas, or else

By
Yvonne Lau
Yvonne Lau
Down Arrow Button Icon
By
Yvonne Lau
Yvonne Lau
Down Arrow Button Icon
July 18, 2022, 3:42 PM ET
Photo of people riding bicycles in front of sections of pipe for the Nord Stream 2 gas pipeline on August 4, 2021, in Sassnitz, Germany.
People on bicycles ride past sections of pipe for the Nord Stream 2 gas pipeline stacked at Mukran Port on Rügen Island on August 04, 2021 in Sassnitz, Germany. Photo by Sean Gallup—Getty Images
Add Fortune on Google for similar content.

As record heatwaves scorch Europe, forcing people to turn up their air conditioning, triggering wildfires and killing hundreds, the International Energy Agency (IEA) has a stark warning for the continent: cut gas consumption immediately or face a “long, hard winter” ahead. 

But that might be easier said than done for Europe as blistering temperatures are forcing people to crank up their air conditioners, and the heat itself has hurt the ability of countries like France and Germany to increase their nuclear capacity and to get their regular fuel deliveries.

In a Monday report, the IEA—a Paris-based body that’s charged with ensuring global energy security—warned that the global energy crisis is becoming “especially perilous” in Europe as fears mount over a complete cut-off of Russian gas supply to the continent. 

“As we get closer to next winter, we are getting a clearer sense of what Russia may do next. The next few months will be critical. I have been urging [European leaders] to do all they can right now to prepare for a long, hard winter,” Fatih Birol, the IEA’s executive director, said on Monday.

Gazprom, a Russian state-owned energy firm and the country’s largest, curtailed gas supplies to Europe by 60% last month, citing repairs to the Nord Stream 1 pipeline that transports Russian gas to Germany beneath the Baltic Sea. The European Commission, on the other hand, described Gazprom’s moves as an “instrument of blackmail” by the Kremlin to test whether Europe would stick to its sanctions against Russia over its war with Ukraine, even if it was threatened with the prospect of being unable to power its economy and heat its homes.  

European nations are now scrambling to fill their gas storage tanks before winter’s intense energy demands set in, even while they try to cool households, extinguish wildfires and deal with potential power disruptions and warped train tracks due to the heat. EU’s gas storage sites are currently 64% full. Even if the EU’s gas storage levels reach 90%, countries still face a heightened risk for gas supply disruptions in the event of a wholesale Russian cut-off, the IEA warns. 

Russia supplies around 40% of Europe’s natural gas. Last year, the country delivered 155 billion cubic meters of gas to the continent. 

The IEA says Europe must dramatically slash its gas intake over the next few months, to prepare for winter’s energy demands.

“It’s much better to take steps now to prepare for winter, than to leave the well-being of millions of people and European economies [to] the mercy of the weather or… give extra leverage to [Russian] President Vladimir Putin,” Birol said.

Action plan 

The “first, immediate step” is to significantly reduce Europe’s current gas consumption—from both businesses and households—to ensure adequate gas storage levels before winter, the IEA wrote. EU nations need to save an additional 12 billion cubic meters of gas—enough to fill 130 liquified natural gas (LNG) tankers—over the next three months, according to the agency.  

To avoid a significant supply disruption, the EU has moved to secure alternative energy suppliers. On Monday, the EU inked a new deal with Azerbaijan for at least 20 billion cubic meters of gas per year by 2027. But the IEA cautions that it’s not enough to rely on non-Russian sources of gas as these suppliers are “not available in the volumes required” to replace Russia’s missing deliveries. Even if gas supplies from countries like Azerbaijan and Norway flow to Europe at maximum capacity, the EU still faces a substantial risk of supply interruptions if Russia cuts off its gas completely.

The EU should temporarily increase the use of coal and oil-fired power generation, and renewable sources like wind, solar and even nuclear power, where feasible; and introducing auction platforms that allow industrial gas users to offer their supply in order to reduce gas consumption, according to the IEA. 

In June, the German government made the “bitter… but simply necessary” decision to reopen shuttered coal plants to lower the country’s gas usage, Germany’s economy and climate action minister Robert Habeck said at the time. The country was aiming to phase out coal power generation by the end of this decade. 

EU countries also must advance campaigns to encourage households to reduce electricity consumption, and set cooling standards and controls during the summer. 

On Wednesday, the European Commission will announce additional urgent measures that countries will implement to curb gas consumption. 

This winter could become a “historic test of European solidarity—one it cannot afford to fail—with implications far beyond the energy sector,” the IEA wrote.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
By Yvonne Lau
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Environment

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Environment

A farmer walks through drought-stricken field of crops
EconomyWeather and forecasting
One of the most powerful El Niños on record cost the world economy $5.7 trillion. The 2026 cycle might be even stronger
By Tristan BoveJune 17, 2026
2 days ago
sea
Energygas
The Iran war exposed Southeast Asia’s energy vulnerability. Now its import bill could triple to $245 billion
By Anton L. Delgado and The Associated PressJune 17, 2026
2 days ago
A woman wearing a hat and scarf holds a sign that says, "Don't let data centers drain us."
PoliticsData centers
Data center hate is snowballing, and construction setbacks in the first three months of 2026 have already exceeded last year’s, report finds
By Sasha RogelbergJune 16, 2026
3 days ago
Vietnam’s economy is one of the fastest-growing in the world. Can it make the leap into the ranks of middle-income countries?
MagazineVietnam
Vietnam’s economy is one of the fastest-growing in the world. Can it make the leap into the ranks of middle-income countries?
By Nicholas GordonJune 16, 2026
3 days ago
Two mayors, one $10 billion AI data center, and a growing divide in small-town Texas
AIPolitics
Two mayors, one $10 billion AI data center, and a growing divide in small-town Texas
By Sharon GoldmanJune 16, 2026
3 days ago
New Mexico is in a historic drought. Oracle and OpenAI designed their newest data center with that in mind
Environmentclimate change
New Mexico is in a historic drought. Oracle and OpenAI designed their newest data center with that in mind
By Catherina GioinoJune 15, 2026
3 days ago

Most Popular

Anne Hathaway says she was spammed with ChatGPT-written thank you notes after hiring for a recent role: ‘Nobody on that list gets that job’
Success
Anne Hathaway says she was spammed with ChatGPT-written thank you notes after hiring for a recent role: ‘Nobody on that list gets that job’
By Orianna Rosa RoyleJune 18, 2026
24 hours ago
The affordability crisis is so bad that, for the first time ever, both mom and dad are working full-time in most American families
Economy
The affordability crisis is so bad that, for the first time ever, both mom and dad are working full-time in most American families
By Jacqueline MunisJune 17, 2026
1 day ago
Current price of oil as of June 18, 2026
Personal Finance
Current price of oil as of June 18, 2026
By Joseph HostetlerJune 18, 2026
18 hours ago
Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
Big Tech
Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
By Tristan BoveJune 15, 2026
4 days ago
Microsoft boss Steve Ballmer publicly dismissed Chrome as a 'rounding error'—but Google’s CEO says he used the jab as fuel to win the browser-wars
Success
Microsoft boss Steve Ballmer publicly dismissed Chrome as a 'rounding error'—but Google’s CEO says he used the jab as fuel to win the browser-wars
By Preston ForeJune 17, 2026
2 days ago
'Work hard, stay loyal, and the system will reward you': the Boomer credo is a Gen X betrayal and a Millennial pipe dream
Success
'Work hard, stay loyal, and the system will reward you': the Boomer credo is a Gen X betrayal and a Millennial pipe dream
By Nick LichtenbergJune 16, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.