EU moves towards group buying of natural gas to limit shortages | WGN Radio 720

Brussels (AP) —The European Union is moving towards group buying of natural gas to avoid another crisis related to Russia’s dependence on energy, leaving storage facilities nearly full. Officials said on Tuesday.

Blocks in 27 countries have admitted that they are too dependent on Russia for natural gas and oil, and sanctions to punish the Kremlin’s invasion of Ukraine despite the need for Russian fossil fuels. I’m having a hard time finding the right combination of.

Low-level gas storage “faced great difficulty in competing for additional gas for consumption in Europe in January,” said Maroš Šefchovic, vice chairman of the EU Commission.

Due to high energy prices and low supply, the EU sees the final crisis, the COVID-19 pandemic, as a blueprint. Member countries have joined to purchase large quantities of vaccines for fair distribution.

“We need to learn good lessons from how we worked to procure vaccines,” Sefkovich said. I think there is also support for the common purchase of gas among member countries. “

“We hope this will be an approach that heads of state and government leaders should approve,” Sefkovich said in a two-day summit starting Thursday.

The Associated Press’s draft conclusions of the summit include “with a view to next winter, member states and committees are urgently … cooperating in the joint purchase of gas, LNG and hydrogen.” Details of such transactions still need to be resolved.

And they would have enough influence to make a fair deal, Sefkovich said.

“When it comes to energy price negotiations, Europe should definitely make better use of its immense weight, the size of the European economy,” he said.

At the summit meeting on March 11, EU leaders agreed in principle to phase out Russia’s dependence on gas, oil and coal imports by 2027.

The EU imports 90% of the natural gas used in the electricity, heating and supply industries, and Russia supplies almost 40% of EU gas and a quarter of its oil.

Recent European sanctions on Russia, including a ban on transactions with the Central Bank of Russia, are unprecedented, but Brock is careful not to disrupt the flow of energy.

EU moves towards group buying of natural gas to limit shortages | WGN Radio 720

Source link EU moves towards group buying of natural gas to limit shortages | WGN Radio 720

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