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EU could face gas shortage next year, IEA warns | Russia-Ukraine war News

The EU might keep away from an power disaster this yr however must take motion to forestall a scarcity subsequent yr, the IEA and EU say.

The heads of the Worldwide Power Company (IEA) and the European Union’s government department have mentioned that the 27-nation bloc is predicted to efficiently climate an power disaster this winter.

Talking at a information convention on Monday, IEA Govt Director Fatih Birol cautioned that the bloc wants to hurry renewables to the market and take different steps to keep away from a possible scarcity subsequent yr in pure fuel wanted for heating, electrical energy and factories.

“This winter, it appears to be like like we’re off the hook,” Birol mentioned, regardless of “some financial and social bruises”. Nevertheless, he added that “the disaster just isn’t over and subsequent yr might be … rather more troublesome than this yr”.

Even after Russia reduce most pure fuel to Europe amid its warfare in Ukraine, EU international locations largely had been in a position to fill fuel storage for the winter heating season by tapping new provides, saving power and benefiting from delicate climate and low demand from China amid COVID-19 lockdowns.

However these causes may evaporate subsequent yr, making it important that the EU deal with ramping up power effectivity efforts, easing the way in which for renewables and persevering with to preserve power, Birol mentioned in the course of the joint information convention with European Fee President Ursula von der Leyen.

INTERACTIVE - Gas storage in Europe

In accordance with the IEA, the EU faces a potential pure fuel shortfall of as much as 30 billion cubic metres (bcm), citing the potential of dropping the remainder of Russian pipeline provide and a decent marketplace for liquefied pure fuel, or LNG, that comes by ship if Chinese language demand rebounds. Complete EU fuel consumption was 412 bcm in 2021.

Plus, “no one can assure that subsequent yr’s temperature is as delicate is that this yr”, Birol mentioned.

Although the EU has been in a position to “stand up to the blackmail” from Russia and brought actions to decrease costs and construct up provide, von der Leyen mentioned “extra is required”. Forward of an EU power ministers assembly Tuesday and a European Council gathering on Thursday, she urged the bloc to make joint purchases a actuality, saying “daily of delay comes with a price ticket”.

‘Discover the appropriate stability’

Von der Leyen additionally hoped for a “political settlement” within the coming days on a stalled fuel worth cap that’s meant to ease the ache of excessive power prices. International locations from Poland to Spain are demanding cheaper fuel to ease family payments, whereas Germany and the Netherlands worry a lack of provide if European nations can’t purchase above a sure threshold.

“The difficulty is to search out the appropriate stability that we reduce off the value spikes and manipulation and hypothesis,” she mentioned. “And then again, that we don’t reduce off provide coming to the European markets.”

Von der Leyen additionally referred to as for an acceleration of renewables and elevated funding within the power transition from each the nationwide and EU stage. She mentioned the fee will suggest boosting the EU’s framework for investing in clear expertise. She additionally advised forming an EU “solidarity fund” to lift money for power investments.

“We’ve got come fairly a good distance, however we all know that we aren’t executed with our work till households and companies within the European Union have entry to power that’s inexpensive, that’s safe, and that’s clear,” she mentioned.

Whereas Europe has seen costs fall from summertime peaks and winter storage was crammed far forward of schedule, it’s nonetheless in an power disaster after the warfare in Ukraine led to an enormous cutback in pure fuel provided by Russia, from which the EU had been receiving about 40 % of its provide. Now, it’s competing for costlier LNG that comes by ship from locations like the USA and Qatar.

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