Tuesday, December 13, 2022

The European Union can live without Russian gas, according to the International Energy Agency

Europe can do without Russian gas: IEA

 

 PARIS: The International Energy Agency stated on Monday that although Russia has measures it could take to avoid shortages, Europe faces a significant shortage of natural gas in 2023 if deliveries are completely halted.


If Russia completely halts deliveries and China's imports of liquefied natural gas (LNG) rebound to 2021 levels, the policy advisory organization IEA, based in Paris, estimates that Europe could run out of natural gas by 23 billion cubic meters.


That adds up to around 6.5 percent of the EU's 2021 gas utilization.


Fatih Birol, the IEA's executive director, was quoted as saying in a statement, "The European Union has made significant progress in reducing reliance on Russian natural gas supplies, but it is not out of the danger zone yet."


He said that European countries would not be able to use up their gas reserves as quickly in 2023. However, despite Russia stopping most gas deliveries, increased purchases of LNG appears to have prevented shortages this winter.


However, it is uncertain whether Russia will maintain its low gas deliveries in 2023, and China's relaxation of its zero-Covid policy may result in a resurgence of the economy and an increase in LNG imports.


"The IEA's new investigation shows that a more grounded push on energy effectiveness, renewables, heat siphons and basic energy saving activities is fundamental to head off the gamble of deficiencies and further horrible cost spikes one year from now," Birol said at an occasion sending off the organization's most recent examinations.


These analyses came to the conclusion that the EU can close the potential supply gap by taking those additional measures.


At the event, European Commission President Ursula von der Leyen stated, "Russia's blackmail has failed."


She called for joint energy purchases and urged EU member states to quickly approve additional measures to improve energy preparedness.

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