The recent spike in global energy prices serves as a stark reminder of Europe’s vulnerability to external decisions, according to Minister of the Economy and Energy Lex Delles.
Speaking to our colleagues from RTL Télé in Spain, where he is accompanying Grand Duke Guillaume on an official visit, Delles addressed the recent increases in oil and gas prices, market instability, and the strategic importance of renewable energy.
The turbulence on international energy markets is already being felt in Luxembourg, particularly through rising diesel and heating oil costs. “Of course I’m worried,” Delles said, noting that the situation has become increasingly acute in recent days and requires further analysis.
A key unknown factor, he explained, is the situation in the Strait of Hormuz, a vital transit route for global oil and gas shipments. Delles cautioned against speculation, stating that no one currently knows how long any disruption might last or how global production will evolve. Similarly, he noted it is impossible to predict whether petrol prices will sustainably exceed the €2 threshold.
For Delles, the current crisis points to a deeper structural question: how can Europe reduce its reliance on decisions made beyond its borders? The situation, he argued, demonstrates “once again how dependent we are on decisions that are taken neither in Luxembourg nor in Europe.” His proposed solution is a unequivocal investment in renewable energy.
This energy strategy is a central focus of his visit to Spain. During the trip, a memorandum of understanding was signed concerning, among other things, green hydrogen and the expansion of renewable energies. The objective, Delles emphasised, is clear: to make Europe more independent and strengthen its own energy supply.
While petrol station prices react immediately to market fluctuations, Delles noted that the situation differs for electricity and gas. Providers’ purchasing strategies help cushion price shocks over the longer term, meaning households may not face immediate repercussions unless the crisis is prolonged.
However, should the situation deteriorate, the minister did not rule out state intervention. In such a scenario, he said, the government would have to assume responsibility and assess how it could support residents to safeguard purchasing power.
Delles framed the current developments as a clear signal that Europe must further diversify its energy policy. According to the minister, this is the only way to prevent international crises from having such a pronounced impact on energy prices in the future.
