Effects of the Energy Crisis on Commercial Contracts

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On 5 August 2022, to increase the EU’s security of energy supply, the European Council adopted COUNCIL REGULATION (EU) 2022/1369 on coordinated demand reduction measures, aimed at reducing gas demand by 15% ahead of the 2022-23 winter season (the “Regulation”). The purpose of the Regulation is to contribute to the filling of storage capacities, help ensure adequate supply and drive energy prices down. The Regulation was published in the Official Journal on 8 August 2022 and entered into force on the following day.