MNI: Brussels Lays Out 1-Year Plan To End Russian Gas Reliance

The EU Commission aims to end the Union’s overdependence on Russian gas, cutting demand for it by two-thirds with a year and then making Europe independent of all Russian fossil fuels well before 2030, a plan laid out Tuesday shows.

A legislative proposal will be presented by April requiring underground gas storage across the EU to be filled to at least 90% of its capacity by 1 October each year. The proposal would entail the monitoring and enforcement of filling levels. The proposals will also allow states to regulate prices in exceptional circumstances and to redistribute revenue from high energy sector profits and emissions trading to consumers.

Consultations would also take place with states on a new State aid Temporary Crisis Framework to grant aid to companies impacted by higher energy costs, the Commission said, adding that it will also look at emergency steps to limit the impact of gas prices on electricity prices, such as temporary price limits.

The REPowerEU plan could gradually remove at least 155 billion cubic meters of fossil gas use, equivalent to the volume imported from Russia in 2021, the Commission said. Nearly two-thirds of that reduction could be achieved within a year, ending the EU's overdependence on a single supplier, it said. The Commission proposes to work with states to identify appropriate projects to achieve this, building on those already set out in National Recovery Plans under the NGEU.

The EU currently imports 90% of its gas consumption, with Russia providing around 45% of that. Russia also accounts for around 25% of oil imports and 45% of coal imports.