Europe is unlikely to face energy supply problems this winter, but oil and gas prices “could remain very high,” EU Energy Commissioner Dan Jorgensen said on Monday.

Speaking in Dublin, Jorgensen said the bloc’s gas storage stood at 65% — the lowest level since 2009 — leaving Europe exposed to price spikes if the winter turns severe. Analysts at Wood Mackenzie estimate around 20% of global LNG flows could be disrupted if the Strait of Hormuz is affected.

European governments have been rebuilding energy buffers since the 2022 crisis, but a cold snap or supply disruption could still send bills soaring for households and industry.

Jorgensen said the Commission was coordinating with member states on contingency measures, including demand-reduction plans and joint gas purchases, to cushion the impact on consumers. Market watchers said much would depend on winter temperatures in northern Europe and on whether Asian demand for LNG stays strong. A mild winter could keep prices in check, while a prolonged cold snap combined with any Hormuz disruption would test the bloc’s emergency coordination plans.