By Harry Floudopoulos
The European Union is reducing Russian gas imports to Europe by 100 billion cubic meters by the end of the year, as Commission Vice-President F. Timmermans and Energy Commissioner K. Simpson have recently announced.
It is difficult but possible if we want to move faster than in the past to the dependence on Russian gas, said Mr. Timmermans, adding that the import of Russian gas will be reduced by about 2/3. About 60 billion cubic meters will come from LNG imports, while the rest of the reduction will come from biogas, hydrogen, Renewable Energy and energy savings.
At the same time, the Commission will ask states that have storage space to pay 90% of their warehouses by the start of the 2022/2023 heating season.
Finally, the REPOWER EU initiative presented by the commissioners envisages the support of those consumers and businesses who can not pay their electricity bills. As Commissioner Simpson said, the toolbox announced in October is no longer enough and the Commission is giving Member States the option to regulate energy prices. At the same time, a temporary subsidy framework for businesses to address high energy costs will be consulted. Ms Simpson also said that there could be a tax on windfall profits enjoyed by certain power generation technologies due to the high prices resulting from natural gas. At the same time, Member States can use the revenue from pollutants to secure resources for subsidies to consumers.
According to Ms. Simpson, detailed clear instructions will be issued to Member States on the regulation of energy prices for households and businesses.
Finally, it is worth mentioning that according to the Vice-President of the Commission, there are no plans in the Commission to issue a bond to cover the Union’s energy and defense expenditures.
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Source: Capital
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