Latest news with #RepowerEU
Canada News.Net
15-07-2025
- Business
- Canada News.Net
European gas reserves sink below normal Bloomberg
Heat waves in the EU and Asia have driven consumption up and fueled competition for global shipments, the outlet has stated Europe's natural gas inventories are particularly low for this time of year, Bloomberg has reported, citing rising demand for air conditioning amid a regional heatwave. Underground storage sites are currently around 62% full, the outlet stated, while typically reserves reach around 80% by early summer, helping ensure a robust buffer ahead of the winter heating season. Extreme heat in Asia has also caused fuel shipments to be diverted away from Europe, as buyers worldwide compete for limited supplies. As a result, European natural gas futures have hovered near a two-week high, meaning "the continent needs to pay up to keep supply coming," the outlet wrote. Despite the trend, the EU may still be able to top up its gas inventories to about 80% by the end of the summer, the outlet quoted a note by Goldman Sachs as saying. The EU imports nearly 90% of its natural gas, with Russia still accounting for a significant share in the supply despite sanctions. In May, European Commission President Ursula von der Leyen unveiled a plan to phase out all Russian oil and gas imports by the end of 2027, as part of the EU's REPowerEU roadmap, which aims to eliminate the bloc's dependence on fossil fuels from the country and shift to renewable sources. The plan has drawn criticism from landlocked Hungary and Slovakia, which have relied heavily on Russia's pipeline gas. Bratislava blocked the EU's 18th sanctions package, targeting Russia's energy and financial sectors, citing risks of shortages and rising prices. Budapest has joined the veto, and is pressuring the block to make concessions related to energy and broader RepowerEU rules. Moscow has argued that the EU restrictions are self-defeating, causing surging energy prices and weakening the bloc's economy. Since 2022, Germany, the bloc's largest economy, has fallen into recession, while growth across the EU has stalled.
Yahoo
21-02-2025
- Business
- Yahoo
European Commission addresses EU's remaining dependence on Russian gas
The European Union still imports about 13% of its gas from Russia and the European Commission is preparing legislation to encourage member states to phase it out. Source: European Pravda citing European Commission spokesperson Anna-Kaisa Itkonen Details: During the European Commission's daily briefing, spokesperson Anna-Kaisa Itkonen responded to questions regarding some countries' continued reliance on Russian gas. She stated that since the start of Russia's full-scale war, the EU has been consistently working to reduce its dependence on Russian energy and has significantly diversified its supply sources. "We have cut all Russian coal imports, most Russian oil imports and over two-thirds of Russian gas imports under the Repower EU plan," Itkonen recalled. However, she acknowledged that Russian gas is still entering the European market and the Commission is working on new legislation to help member states move away from it. Quote: "In fact, we are still importing 13% of our gas from Russia. This means that billions of euros fillings up Putin's war chest… There are no excuses for this. There are no security or supply reasons for this. The global LNG market is flexible and well-supplied. This gives rise to a concern and this is the reason why the Commission is taking action to present a roadmap to phase out completely the imports from Russia." Background: This week, EU ambassadors approved the bloc's 16th package of sanctions against Russia. Poland, which currently holds the EU presidency, aims to have the new sanctions package adopted on 24 February, marking the third anniversary of Russia's full-scale invasion of Ukraine. Reports suggest that the package will target Russia's aluminium industry and oil exports. Support Ukrainska Pravda on Patreon!
