Energy

Translate

en English af Afrikaans sq Albanian ar Arabic hy Armenian az Azerbaijani eu Basque be Belarusian bg Bulgarian ca Catalan zh-CN Chinese (Simplified) zh-TW Chinese (Traditional) hr Croatian cs Czech da Danish nl Dutch et Estonian tl Filipino fi Finnish fr French gl Galician ka Georgian de German el Greek ht Haitian Creole iw Hebrew hi Hindi hu Hungarian is Icelandic id Indonesian ga Irish it Italian ja Japanese ko Korean lv Latvian lt Lithuanian mk Macedonian ms Malay mt Maltese no Norwegian fa Persian pl Polish pt Portuguese ro Romanian ru Russian sr Serbian sk Slovak sl Slovenian es Spanish sw Swahili sv Swedish th Thai tr Turkish uk Ukrainian ur Urdu vi Vietnamese cy Welsh yi Yiddish
Open Translation

BRUSSELS: To avoid relying on Russia for its future energy needs, the European Commission (EC) and EU Member States have set up an ‘EU Platform’ for the purchase of gas, LNG and hydrogen.

The Commission says it will operate the platform to cover all aspects of the value chain including global supply and demand, market mechanisms, infrastructure and security of supply.

“The Russian aggression against Ukraine has radically changed the geopolitical context of Europe's energy security. We have decided to end our dependence on Russian fossil fuels and need to partly replace them with alternative sources of supply,” explained EC Commissioner for Energy Kadri Simson. “To succeed in this task, the EU must use its collective political and market power on global gas markets. With the EU Energy Platform, we build on the experience gained over the past months to ensure a coordinated European approach to securing gas imports at the best possible conditions.”

Simson said the collective approach would also cover demand pooling to leverage reliable supplies from global markets at stable prices and allow moving, when appropriate, towards joint purchasing.

Also planned is an efficient use of the EU gas infrastructure to maximise LNG imports, comply with gas storage obligations, ensure security of gas supply, and identify future infrastructure for hydrogen use.

To secure significant volumes of non-Russian gas this year, the EC says it intends to not only coordinate and reinforce the EU’s international outreach to gas partners and markets but also define and agree on potential arrangements for diversification, including hydrogen.

“It is abundantly clear that the European Union is too dependent on Russia for our energy needs,” commented EC First vice president Frans Timmermans. “The answer lies in renewable energy and, in the more immediate term, diversification of supply. Member States can now work together on purchasing gas from other suppliers and developing an international market for hydrogen, to the benefit of all countries.

“For the EU, replacing gas imports from Russia will help to end our over-dependence and provide much needed room to manoeuvre,” he added.
 
Story Type: News

Vote for my Story

Our Rating: 9% - 1 votes

1000 Characters left


May 18, 2022
Energy Editor

Marine biofuel pioneer expands in Asia

SINGAPORE: GoodFuels, a biofuels pioneer for the transport industry, has signed a partnership agreement with ITOCHU Corporation, one of Japan’s largest general trading companies, to scale sustainable marine biofuel in Singapore, Japan, and Asia-Pacific. The…
March 30, 2022
Energy Editor

JPMorgan Chase tops fossil fuel financing

SAN FRANCISCO: Since the Paris Agreement in 2015, the world’s 60 largest private sector banks have provided US$4.6 trillion to the fossil fuel industry, including US$742 billion last year. The 13 annual Banking on Climate Chaos report, produced by Rainforest…
March 28, 2022
Energy Editor

TotalEnergies supplies SAF for A380 test flight

TOULOUSE: The first flight of an Airbus A380 test bed has completed a three-hour flight from Toulouse with one Rolls Royce Trent 900 engine powered entirely by Sustainable Aviation Fuel (SAF). Total Energies supplied the aerospace manufacturer with 27 tonnes…
March 21, 2022
Energy Editor

Sustainable biofuels key to US energy independence

ENGLEWOOD, CO: Heather Manuel is vice president Investor Relations for gevo, a US renewable fuels supplier, and Communications chair of the Advanced Biofuel Association. She says there’s a natural solution to avoiding Russia’s oil: “ Anytime gas prices rise…
March 08, 2022
Energy Editor

Call for Europe to follow US ban on Russian oil

BRUSSELS: Europe’s dependence on Russia oil and gas exports is giving Putin US$285 million a day to pay for his genocidal war in Ukraine, according to new analysis by non-profit advocate Transport & Environment (T&E). As US president Joe Biden today announced…
March 03, 2022
Energy Editor

Call to ban Russian oil and gas imports

BRUSSELS: European NGOs are calling on the EU to stop financing Vladimir Putin’s war on Ukraine by banning all oil and gas imports from Russia. Russia exported US$104 billion in oil and US$43.4 billion worth of gas to Europe and the UK last year. The…
March 02, 2022
Energy Editor

Western banks face billions loss in Russian oil and gas investments

NIJMEGEN, The Netherlands: Ryan Brightwell is the Communications & Research, Campaign Lead Banks and Human Rights director for The Netherlands-based NGO BankTrack. He suggests JPMorgan, Citi, UniCredit and Deutsche Bank should follow the Shell and bp lead to…
February 16, 2022
Energy Editor

Banks and private equity still funding fossil fuels

LONDON: A report by NGO ShareAction says 25 European banks, all committed to net-zero goals, provided companies with US$55 billion last year to expand oil and gas production. Since 2016 the banks have provided over US$400 billion to the oil & gas sector lead…
February 01, 2022
Energy Editor

Aviation group declares support for sustainable fuel plan

BRUSSELS: Air France-KLM, easyJet, Ryanair and Deutsche Post DHL have announced their support for the European Commission’s ReFuelEU plan to encourage greater use of Sustainable Aviation Fuel (SAF). The proposal would ensure the share of SAF used in the bloc…
January 31, 2022
Energy Editor

French and Italians cement energy sequestration plan

ROME/PARIS: Cement manufacturer Holcim has partnered with Italian energy major Eni to capture and sequester carbon in olivine, a primary component of the Earth's upper mantle. About 50 percent of the mineral for industrial use is produced in Norway in an area…
January 11, 2022
Energy Editor

Record coal power generation forecast in 2022

PARIS/NEW YORK: The International Energy Agency (IEA) says the overall demand for coal from the power generation, cement and steel sectors will reach a record high in 2022 after increasing six percent in 2021. The IEA’s latest annual market report says…
November 30, 2021
Energy Editor

Move to develop emission-free natural gas

HELSINKI: State-owned energy provider Gasum and the Finnish company Hycamite TCD Technologies have begun developing a market for decarbonized natural gas and biogas in Scandinavia. Hycamite produces hydrogen and pure solid carbon by splitting the methane…

We are using cookies

By continuing you are agreeing to our use of cookies

I understand