Sunday, October 2 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Sep 26
Week of Sep 19
Week of Sep 12
Week of Sep 05
Week of Aug 29
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    EU Plan To Ditch Russian Gas May Cost $214 Billion More Than Planned

    May 16, 2022 - Indian Oil And Gas News


      May 16 -- The European Union’s current plan for eliminating its reliance on Russian gas by replacing it with gas from other sources could cost the bloc up to $214 billion more than originally planned, climate think-tank and organizations Ember and Global Witness said in a report on Wednesday, calling for faster renewables rollout.

      The European Commission’s REPowerEU plan to make Europe independent from Russian fossil fuels well before 2030 includes diversification of gas supplies, speeding up the roll-out of renewable gases, increasing electricity generation from renewables, and replacing gas in heating and power generation. This can reduce EU demand for Russian gas by two-thirds before the end of the year, the Commission says.

      According to Ember and Global Witness, the EU’s current plans for gas use could see an additional $264 billion (250 billion euros) added to the EU’s energy bill in 2030 due to high gas prices. The REPowerEU plan will only cut the bill by $49 billion (47 billion euro), which would still be an increase of $214 billion (203 billion euro) above the Commission’s original forecasts, the organizations said.

      “And, whilst the European Commission’s REPowerEU strategy aims to reduce the continent’s imports of Russian gas, it still relies so heavily on gas that Europe would be exposed to a €34 billion bill rise at forecast 2030 prices, or €203 billion at today’s gas prices,” Ember and Global Witness said in a statement.

      “Gambling on fossil gas is a losing bet. High and volatile gas prices are here to stay and will cost the EU dearly. The money is better spent on a transition that can bring stable, clean and affordable energy to all Europeans,” said Sarah Brown, a Senior Analyst with Ember.Related: Oil Prices Slip As Crude Inventories Jump

      Tara Connolly, Senior Gas Campaigner at Global Witness, said:

      “Decades of over-reliance on fossil gas has made Europe incredibly vulnerable to volatile prices whilst empowering Putin.Our analysis now shows the Commission has massively underestimated the cost to consumers of continuing to rely on gas.”

      The European Commission is expected to unveil the details of the REPowerEU plan next week, in which renewables are also expected to feature. The EC is expected to propose faster permitting for renewable energy projects as part of its plan to increase the uptake of renewable energy to cut reliance on Russian energy and speed up the energy transition.


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.