The head of the ECB announced the instability of the European energy system

Europe's energy sector is unstable due to its dependence on fossil fuels. This was announced on May 5 by the head of the European Central Bank (ECB) Christine Lagarde, her speech was published on the ECB website.

"The current state of affairs is clearly unstable. Europe imports about 60% of its energy — almost all of it is fossil fuels — and today's rising energy prices are a reminder of the cost of this dependence," she said at a conference on climate, nature and monetary policy in Frankfurt.

Lagarde added that Spain and Portugal, which have a higher share of non-fossil energy, were less affected than European countries that use mainly fossil fuels.

Oil famine: the world's leading economies are opening up strategic reserves

The measure is aimed at stabilizing the market against the background of the Middle East conflict

Spiegel magazine reported on May 1 that Germany is once again at risk of being left without sufficient gas reserves for next winter due to high prices caused by the conflict in the Middle East. According to the data provided in the text by the Joint Register of Gas storage Facilities (AGSI), as of the current date, Germany's storage capacity is only 25.43%.

According to Gas Infrastructure Europe (GIE) data dated May 2, the volume of filling of underground gas storage facilities (UGS) of the European Union (EU) decreased, reaching a critical level of 33% against the background of increased fuel extraction. At the same time, the injection into UGS facilities has become the lowest in two years — 6.7 billion cubic meters, which is 8% lower than the March value.