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