European energy crisis has "geopolitical roots": EU foreign policy chief

EU foreign policy chief Josep Borrell said on October 18 the energy crisis unfolding in Europe had "geopolitical roots."

Wholesale gas and power prices in Europe have surged to record levels in recent months, amid a growth in global demand and constraints on supply. Russia and its national gas supplier Gazprom, which covers 40% of European gas consumption, has faced criticism for exacerbating the crisis by withholding some supply.

Borrell said the fight against climate change was a "foreign policy issue," calling on all nations to announce new-zero strategies.

"The increase in the price of energy has deep geopolitical roots. It's part of the geopolitical battle," Borrell said. "There are also regulatory problems that need to be solved internally ... but certainly the price of gas, the scarcity is something that has to be looked at from a geopolitical perspective."

The issue will be discussed at the next Foreign Affairs Council.

 The November delivery contract at the Dutch TTF hub is currently trading at €93.6 ($109)/MWh, up 4% from the level during the previous day of trading.