Energy Security: Germany confirmed a strategic gas reserve equal to 10% of storage capacity, to be filled in 2027-28 and funded via consumer levies, adding an estimated €42 a year to household bills. Heatwave Fallout: A record late-June heatwave drove 10,650 excess deaths across 27 European countries, while France temporarily shut three nuclear reactors as river cooling water warmed. Grid Transparency Row (UK): Britain’s grid operator Neso is facing independent legal scrutiny over claims of a blackout-risk cover-up during the heatwave, after a whistleblower alleged staff were told to avoid an audit trail. Geopolitics and Oil/Shipping: Renewed Middle East tensions around the Strait of Hormuz pushed Brent sharply higher and raised jet-fuel supply concerns, with Europe’s jet fuel reserves reported at under a month. EU-Russia Sanctions Deadlock: EU foreign ministers still haven’t agreed the 21st sanctions package, with disputes over banning former Russian military personnel and tightening LNG rules. Cyber Deterrence: The EU and UK launched their first joint cyber sanctions against Russia, targeting an “ecosystem” linked to FSB Centre 16 and tying it to attacks on European critical infrastructure. Nuclear Plans (Serbia): Serbia says Stage 1 of its nuclear programme should finish by mid-2027, with construction of a first plant targeted for 2035. Deforestation Rules (EU): The Commission adopted updates to the EU Deforestation Regulation’s product scope and digital tools, with compliance starting Dec 30.