Minister Downplays Fears as Energy Prices Rise Again
The Netherlands is better prepared to handle rising gas and oil prices caused by the war in the Middle East, Finance Minister إيليكو هاينن said, urging citizens not to panic despite growing concerns over energy costs.
Speaking to RTL Z, the minister said the situation is not comparable to 2022, when Europe depended heavily on Russian gas. Since then, the Netherlands has shifted its imports mainly to the United States and Norway and also produces some gas domestically, making the country less vulnerable to sudden price shocks.
While prices are increasing, they remain far below the extreme levels seen after Russia invaded Ukraine. The minister said it is still too early to predict long-term effects, which depend on how long the conflict lasts and whether it escalates further.
Energy companies are receiving a surge in calls from worried customers, according to NOS. Essent reported twice the normal number of calls, while Vattenfall and Eneco also saw sharp increases in inquiries. Vattenfall has partly stopped offering fixed contracts due to market uncertainty.
Higher gas prices are linked to attacks by Israel and the United States on Iran and Iran’s response by closing the Straat van Hormuz (Strait of Hormuz), a key route for LNG shipments. Energy expert مارتين فيسر said Asian countries are competing with Europe for gas supplies, pushing prices higher. Dutch gas reserves are only 11 percent full after winter, but he said the country is not in immediate danger and must focus on refilling storage before next winter.