EU could face gas shortage next year as Ukraine war continues, IEA warns – National | 24CA News

The European Union has sufficient gasoline for the winter however may face a scarcity subsequent 12 months if Russia cuts provides additional, the International Energy Agency (IEA) stated on Monday, urging governments to behave sooner to save lots of vitality and develop renewables.

Despite Russia slashing gasoline deliveries this 12 months, Europe has averted a extreme scarcity and began the winter with brimming gasoline storage tanks – thanks partly to emergency EU measures to fill storage, plus a fortunate spell of gentle climate and excessive gasoline costs that dampened demand for the gasoline.

But subsequent 12 months might pose a fair harder take a look at than the vitality crunch that has this 12 months seen gasoline payments soar for European households and compelled industries to quickly near keep away from crippling gasoline payments.

If Russia was to chop the small share of gasoline it nonetheless delivers to Europe, and Chinese gasoline demand rebounded from COVID-19 lockdown-induced lows, the EU may face a gasoline shortfall of 27 billion cubic meters (bcm) in 2023, the IEA stated.

Total EU gasoline consumption was 412 bcm in 2021, in line with EU knowledge.

“This is a serious challenge,” IEA Executive Director Fatih Birol informed a press convention with the European Commission in Brussels, including the shortfall would have been round 60 bcm with out the EU’s emergency response measures.

The potential scarcity might be averted by increasing subsidies and insurance policies to save lots of vitality by renovating drafty properties and changing fossil fuel-based heating with warmth pumps, whereas urgent forward with the EU’s plans to massively develop renewable vitality, the IEA stated.

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Kremlin says Russia would reject any international cap on the worth of oil

European Commission President Ursula von der Leyen stated the bloc’s gasoline provide was “safe for this winter” and the 27-country EU was getting ready for the subsequent one.

The vitality watchdog additionally known as for higher campaigns to encourage shoppers to make use of much less vitality.