Europe Could Be 'left In The Cold' As IEA Warns Of Complete Cut Off From Russian Gas
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Loading... - Sara Koopman
- 23 Jun 2022
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As the West continues to mount sanctions against Russia, the International Energy Agency (IEA) on Wednesday warned that Europe must brace for a freezing winter.
As the West continues to mount sanctions against Russia, the International Energy Agency (IEA) on Wednesday warned that Europe must prepare for a freezing winter. Speaking to the Financial Times (FT), IEA chief Faith Birol said that the European countries must brace for a cold winter as Russia has decided to cut down gas supplies in view of gaining upper hand in its war against Ukraine. "Europe should be ready in case Russian gas is completely cut off," Birol told FT.
"The nearer we are coming to winter, the more we understand Russia's intentions," he emphasised.
"I believe cuts are geared towards avoiding Europe filling storage, and increasing Russia's leverage in the winter months," he predicted.
Birol went on to urge European governments to take immediate measures in order to reduce the impact of a sudden shutdown, which is crucial given the fact that Europe primarily depends on Russian gas supplies. Despite plans to phase out and undertake more emission-reducing and economic measures, 27 nations of the European Union depend on about 40% of Russian gas, according to Marshal Center, with the dependence showing an increasing trend. This kind of profound Russian domination has helped the Kremlin develop an incredible advantage in its dealings with European neighbours.
Russia reduces gas supplies to EU nations, what now?
Earlier this week, Russia announced cutting off gas supplies to 5 EU countries, including Germany which is the largest importer of its electricity and power generation industry. Gazprom, Russia's largest state-owned gas agency, reduced supplies to Berlin by 60% through the Nord Stream 1 pipeline (running under the Baltic Sea from Russia to Germany.) Meanwhile, Italy, Austria, the Czech Republic, and Slovakia too are suffering from significant supply cuts. To remind you, Russia has already suspended gas transfers to Poland, Bulgaria, Denmark, Finland, France, and the Netherlands. While these countries were already practising phasing out methods, countries like Germany and Italy were hit massively due to their maximum reliance on Russian gas supplies.
Talking about immediate measures to restore the gap, Birol told FT that EU countries could meet the gaps "temporarily" by reducing demands. They have in fact resorted to their old coal-fired power stations, which is still a short-term measure given the concerns of carbon emission amid the climate crisis. Emitting carbon dioxide at this time will only cross with Europe's plans to cut reliance on fossil fuels.
"I believe there will be more and deep demand measures taken by European governments as winter approaches," the IEA chief said.
Birol went on to warn that the European countries must take concrete steps to secure sufficient reserves before the winter. He also advised that all countries that would be affected by the gas cuts must delay shutting down nuclear plants to avert the imminent energy crisis. These countries "must consider postponing closures of nuclear power plants as long as the safety conditions are there," Birol stressed. Read More…
