Brussels, 28 March 2023 (dpa/MIA) - EU energy ministers on Tuesday agreed to extending measures to voluntarily reduce gas consumption by a target of 15% across the European Union until March 2024.

Reducing gas consumption helps fill reserves, secure more energy supplies and "keep prices down," Swedish Energy Minister Ebba Busch, who chaired the talks, said in a statement.

EU countries pledged last summer to cut their consumption by at least 15% compared to the average of the past five years after Russia drastically reduced exports to the bloc.

The savings target, which was exceeded in recent months with a demand reduction of over 19% on average across the EU, was set to expire at the end of March.

The renewed agreement also contains a provision, should a security of supply crisis occur, to make the voluntary consumption reduction target mandatory.

Natural gas prices rose dramatically last year due to Russia's invasion of Ukraine.

At its peak, wholesale prices were more than €300 ($325). Currently gas is traded for around €45 at the EU's reference trading hub.

Prices dropped noticeably after gas shortages could be avoided thanks to replacing Russian fuels with with imports from elsewhere and cutting demand.

Continuing to save gas should also help to refill gas storage facilities to 90% by November, the European Commission said when proposing the extension.