The European Union is ready to kick its Russian gas habit . The European Commission has a plan to replace over 70% of Russian gas imports this year by ramping up liquefied natural gas purchases, green energy and gas storage. But energy freedom will likely come at a cost.
. The European Commission has a plan to replace over 70% of Russian gas imports this year by ramping up liquefied natural gas purchases, green energy and gas storage. But energy freedom will likely come at a cost.imported
Replacing most Russian gas by next winter will be complicated. The Commission wants to cut 112 bcm of it this year alone, a draft seen by Breakingviews shows. The biggest chunk of the so-called RepowerEU plan, 50 bcm, involves boosting LNG imports.The EU has more than 200 bcm of capacity to turn LNG into usable gas per year, including UK terminals. Yet Spain and France are not well connected with the rest.
Still, replacing 10 bcm of Russian pipeline gas by importing more fuel from places like Algeria looks doable. And a proposal to ensure that the EU fills up 90% of its gas storages before the winter is a legislative no-brainer. These facilities supply up to 30% of EU gas in winter, but some are controlled by Russian gas giant Gazprom .
- The plan envisages replacing 112 billion cubic metres of Russian gas by year-end, through higher liquefied natural gas purchases, greater usage of wind and solar energy, efficiency measures, and the use of biomethane and other measures, according to a draft seen by Breakingviews. The planned reduction is equivalent to 72% of the EU annual import of Russian pipeline gas, which last year amounted to 155 bcm, including LNG imports, International Energy Agency figures show.