The EU agreed to extend the goal of reducing gas consumption by 15% until March 2024

EU energy ministers, at a meeting on Tuesday, March 28, agreed to extend the goal of reducing natural gas consumption in the EU by 15% for one more year - until March 2024.

The EU managed to cut gas demand by 38 billion cubic meters, or 19%, between August and January, after energy ministers agreed on the current target.

The consumption reduction measure includes a provision that the target becomes binding if the EU Council initiates an emergency security of supply warning, but EU countries are currently reducing consumption as part of a voluntary reduction.

The decision to reduce the demand for gas was made last year, after a sharp reduction in Russian supplies and a shortage of gas on the market, which led to a significant increase in prices in European hubs. Reducing consumption allowed EU countries to avoid the catastrophic consequences of gas shortages, so for the security of future supplies, the EU Council unanimously decided to continue following the target.