PanamaTimes

Friday, Apr 19, 2024

0:00
0:00

Europe told to get ready now for Russia to turn off all gas exports to region

IEA chief warns that Russia may be trying to prevent countries filling storage facilities ahead of winter

Europe needs to prepare immediately for Russia to turn off all gas exports to the region this winter, according to the head of the International Energy Agency, who has called on governments to work on reducing demand and keeping nuclear power plants open.

Fatih Birol said reductions in supplies in recent weeks which the Kremlin has attributed to maintenance work could, in fact, be the beginning of wider cuts designed to prevent the filling of storage facilities in preparation for winter, as Russia seeks to gain leverage over the region.

“Europe should be ready in case Russian gas is completely cut off,” he said in an interview with the Financial Times. “The nearer we are coming to winter, the more we understand Russia’s intentions.

“I believe the cuts are geared towards avoiding Europe filling storage, and increasing Russia’s leverage in the winter months.”

EU countries are racing to refill storage sites, with Germany hoping to reach 90% of capacity by November. Its stores are only half full.

Member states have also been working to reduce their reliance on Russian fossil fuels, by sourcing gas from other countries, including the US, and speeding up the switch to renewable energy, although officials have conceded that the race to phase out Russian oil and gas would mean burning more coal and keeping nuclear plants going.

Birol said emergency measures taken by European governments to reduce energy demand had probably not gone far enough, and urged countries to work on preserving energy supplies.

“I believe there will be more and deeper demand measures as winter approaches,” Birol said. He added that gas supplies may need to be rationed, if Russia were to further reduce gas exports.

Moscow has reduced or even cut off gas deliveries to several EU countries in recent weeks, in response to their decision to impose sanctions on the Kremlin over its invasion of Ukraine.

Russian gas supplies to Europe received through the Nord Stream 1 pipeline – which runs under the Baltic Sea to Germany – have been falling.

Last week, Russia’s state-controlled energy company Gazprom announced the second cut to gas transported via the pipeline, reducing supplies to just 40% of capacity.

The Italian energy firm Eni has reported a halving of Gazprom’s gas supplies to Italy, which gets about 40% of its imported gas from Russia. Meanwhile, the French network operator GRTgaz said France had not received any Russian gas via Germany since the middle of May.

Kremlin spokesperson Dmitry Peskov last week blamed maintenance issues for the reductions in supply, a reference to earlier comments saying Russia was unable to secure the return of equipment sent to Canada for repairs.

Europe’s benchmark gas price is trading at about €127 (£109) per megawatt hour – up more than 300% on its level a year ago.

Analysts at RBC Europe said options are in “short supply” for European policymakers. It believes gas suppliers Equinor, Shell and TotalEnergies stand to gain from the supply squeeze, as well as coal producer Glencore.

Separately on Wednesday, Ineos Energy signed a deal with US company Sempra Infrastructure for the supply of 1.4m tonnes per annum of liquefied natural gas from North America for 20 years. Ineos, controlled by billionaire Jim Ratcliffe, intends to trade the gas and use it in its own industrial operations. The gas will be supplied from two projects in the US Gulf.

Comments

Oh ya 2 year ago
Well lets see some facts. Siemans has said that yes the gas compressors are stuck in Montreal Canada because of the sanctions. Thus the gas supply slows. But the EU never lets the truth get in the way of their BS.
And even if the pumps were not in Canada why should Russia supply gas to anyone that is giving arms to Ukraine?
Russia is in the Ukraine killing NAZIS the same as my grandfather was during WW2 driving a tank
The left tards will answer yes to this question.. Should the USA been dropping bags of rice to the VC during the Vietnam War?

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×