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IEA’s Birol Says Energy Producers Are Key Cause of Price Spike

  • Comments come as Europe braces for a challenging winter
  • Europe’s gas storage levels, supplies from Russia are low
Fatih Birol

Fatih Birol

Photographer: F. Carter Smith/Bloomberg

Energy producers -- not the transition to a greener economy -- are a key reason for soaring natural gas and power prices in Europe, according to International Energy Agency Executive Director Fatih Birol.

The price spike is the result of factors including demand growth, supply outages and extreme-weather events, “but also -- I want to underline this -- some of the deliberate policies of energy producers,” Birol said at the European Hydrogen Week conference in Brussels. He didn’t name specific producers.