The European Union is taking significant steps to prepare for a future without Russian gas. European Union Energy Commissioner Kadri Simson recently announced that the EU is ready to cope with the possibility of not receiving Russian gas through Ukraine when the current transit contract expires at the end of this year. This statement comes amidst ongoing efforts to reduce dependency on Russian energy sources due to geopolitical tensions.
During a press conference following a meeting of EU energy ministers, Simson emphasised that countries in Central and Southeastern Europe have successfully diversified their energy supply options.
This diversification is crucial as it allows them to fully replace the 14 billion cubic metres of Russian gas that currently transit through Ukraine. Simson assured that both new and existing liquefied natural gas (LNG) terminals have adequate capacity to handle the demand.
Furthermore, she pointed out that the necessary transport infrastructure is already in place, enabling access to multiple alternative supply routes for both LNG and pipeline imports.
The urgency behind these preparations stems from the upcoming expiration of the transit contract between Ukraine and Russia, which facilitates the flow of Russian gas into Europe.
Since the onset of the conflict in Ukraine in 2022, the EU has actively worked to diminish and, in many cases, halt its imports of Russian fossil fuels. This effort aligns with the EU's broader strategy to enhance energy security and independence from Russian sources.
In June of this year, the Council of the EU adopted the 14th package of sanctions against Russia, which included a ban on reloading services for Russian LNG within EU territories. This move is part of the EU's commitment to reducing its reliance on Russian energy and finding alternative sources to meet its needs.
Despite these sanctions and efforts to cut back on Russian gas imports, recent months have seen an increase in the volume of Russian gas flowing into the EU. Simson attributed this rise to “temporary circumstances,” suggesting that the situation may be influenced by various market dynamics.
Additionally, the Energy Council meeting also addressed another pressing issue: the divergence in wholesale electricity prices within the EU. Countries in Central, Eastern, and Southeastern Europe have been facing high electricity prices in recent months, particularly experiencing severe spikes during peak consumption hours, especially in the evenings. This situation has raised concerns about energy affordability and security for consumers in these regions.
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