EU energy ministers will meet today to discuss measures to reduce energy dependence on Russia. It comes as the Nord
EU energy ministers will meet today to discuss measures to reduce energy dependence on Russia.
It comes as the Nord Stream gas pipeline connecting Germany to Russia recently resumed gas deliveries following maintenance. Russia was widely expected not to resume gas flows in an attempt to sow European disunity on support for Ukraine via energy shortages. The resumption indicates Russia is not confident in its ability to force European countries to compromise via economic coercion.
Despite the risk of Russia cutting gas flows to Europe subsiding in the near-term, the EU has continued with its mandate that gas storage facilities reach 80% capacity by the start of November—currently standing at approximately 67%. Further, the EU is developing a proposal to have members to cut their gas consumption by 15% to prepare for potential shortfalls.
Should these measures succeed in preventing major energy shortages in winter, Europe’s leverage relative to Russia is likely to increase. Germany, Russia’s largest European gas customer, aims to have 2 Liquified Natural Gas (LNG) terminals operational by the start of next year, enabling the bloc to further reduce its dependence on Russian gas.