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

Trendingnow

1

Current price of oil as of June 17, 2026

2

'Work hard, stay loyal, and the system will reward you': the Boomer credo is a Gen X betrayal and a Millennial pipe dream

3

Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI

1

Current price of oil as of June 17, 2026

2

'Work hard, stay loyal, and the system will reward you': the Boomer credo is a Gen X betrayal and a Millennial pipe dream

3

Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
EnvironmentEnergy
Europe

Europe’s energy heads boast they’ve beat back Putin’s ‘blackmail’ for now—but all bets are off for next year

By
Courtney Bonnell
Courtney Bonnell
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Courtney Bonnell
Courtney Bonnell
and
The Associated Press
The Associated Press
Down Arrow Button Icon
December 12, 2022, 11:25 AM ET
Ursula von der Leyen and Fatih Birol
The President of the European Commission Ursula von der Leyen (L) and International Energy Agency (IEA) Executive Director Fatih Birol give a press conference on REPowerEU: outlook on EU gas supply in 2023, at the European Council Building in Brussels, on December 21, 2022. JOHN THYS/AFP via Getty Images
Add Fortune on Google for similar content.

The heads of the International Energy Agency and European Union’s executive branch said Monday that the 27-nation bloc is expected to weather an energy crisis this winter but needs to speed renewables to the market and take other steps to avoid a potential shortage next year in natural gas needed for heating, electricity and factories.

Even after Russia cut most natural gas to Europe amid the war in Ukraine, EU countries largely were able to fill gas storage for the winter heating season by tapping new supplies, saving energy and benefiting from mild weather and low demand from China amid COVID-19 lockdowns.

But those reasons could evaporate next year, making it critical that the EU focus on ramping up energy efficiency efforts, easing the way for renewables and continuing to conserve energy, IEA Executive Director Fatih Birol said in a joint news conference with European Commission President Ursula von der Leyen.

“This winter, it looks like we are off the hook,” Birol said, despite “some economic and social bruises.” However, he added that “the crisis is not over and next year may well be … much more difficult than this year.”

The IEA says the EU faces a possible natural gas shortfall of up to 30 billion cubic meters, citing the potential of losing the rest of Russian pipeline supply and a tight market for liquefied natural gas, or LNG, that comes by ship if Chinese demand rebounds.

Plus, “nobody can guarantee that next year’s temperature is as mild is this year,” Birol said.

Though the EU has been able to “withstand the blackmail” from Russia and taken actions to lower prices and build up supply, von der Leyen said “more is needed.” Ahead of an EU energy ministers meeting Tuesday and European Council gathering Thursday, she urged the bloc to make joint purchases a reality, saying “every day of delay comes with a price tag.”

Von der Leyen also hoped for a “political agreement” in the coming days on a stalled gas price cap that is meant to ease the pain of high energy costs. Countries from Poland to Spain are demanding cheaper gas to ease household bills, while Germany and the Netherlands fear a loss of supply if European nations can’t buy above a certain threshold.

“The issue is to find the right balance that we cut off the price spikes and manipulation and speculation,” she said. “And on the other hand, that we do not cut off supply coming to the European markets.”

Von der Leyen also called for an acceleration of renewables and increased investment in the energy transition from both the national and EU level. She said the commission will propose boosting the EU’s framework for investing in clean technology.

“We have come quite a long way, but we know that we are not done with our work until families and businesses in the European Union have access to energy that is affordable, that is secure, and that is clean,” she said.

While Europe has seen prices fall from summertime peaks and winter storage was filled far ahead of schedule, it’s still in an energy crisis after the war in Ukraine led to a massive cutback in natural gas from Russia, where the EU had been receiving about 40% of its supply. Now, it’s competing for more expensive LNG that comes by ship from places like the U.S. and Qatar.

The IEA released a new report offering suggestions to avoid a gas shortfall next year to the tune of 100 billion euros ($106 billion) in additional investment from EU nations. The Paris-based agency with 31 member nations worldwide pushed for expanding programs and making more funding available to renovate homes and replace appliances to be more energy efficient.

Firoh said renewable projects need to get to market faster by shortening the time needed for licensing and permitting. He also urged more incentives for energy-efficient heat pumps that will move buildings from gas to electricity and pushed for more campaigns encouraging people to conserve energy.

Bringing down the average temperatures in buildings 1 degree from the average of 22 degrees Celsius (71.6 F) would save 10 billion cubic meters of gas, he said.

Some countries that are able to export extra supplies to Europe, such as Algeria and Egypt, also could increase exports if they are incentivized to capture the gas that is flaring, Biroh said.

Our new weekly Impact Report newsletter examines how ESG news and trends are shaping the roles and responsibilities of today's executives. Subscribe here.

About the Authors
By Courtney Bonnell
See full bioRight Arrow Button Icon
By The Associated Press
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
17 hours 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
20 hours 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
2 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
2 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
2 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

Current price of oil as of June 17, 2026
Personal Finance
Current price of oil as of June 17, 2026
By Joseph HostetlerJune 17, 2026
22 hours 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
2 days 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
3 days ago
Exclusive: Universal beat Disney as Hollywood's maker of the most expensive movie of all time 
Arts & Entertainment
Exclusive: Universal beat Disney as Hollywood's maker of the most expensive movie of all time 
By Christian SyltJune 17, 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
14 hours ago
Current price of silver as of Wednesday, June 17, 2026
Personal Finance
Current price of silver as of Wednesday, June 17, 2026
By Joseph HostetlerJune 17, 2026
22 hours 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.