EU Can Cut Russian Gas Imports by a Third in One Year, IEA Says

Mar 3, 2022

(Bloomberg) The European Union can slash imports of Russian natural gas by a third through a combination of boosting imports from other sources, accelerating the rollout of renewables and ramping up energy efficiency, according to a new report by the International Energy Agency.

Under a 10-point plan published Thursday, the IEA said that efforts to phase out Russian gas can still be compatible with the bloc’s green deal ambitions. Measures include avoid signing any new gas contracts with Russia, increasing electricity derived from nuclear power and replace gas boilers with heatpumps.

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“Nobody is under any illusions anymore,” said IEA Executive Director Fatih Birol. “Russia’s use of its natural gas resources as an economic and political weapon show Europe needs to act quickly to be ready to face considerable uncertainty over Russian gas supplies next winter.”

European gas prices have soared to fresh records since Russia’s invasion of Ukraine amid fears that the region’s supply could suffer or even be cut off. The European Commission is set to propose measures next week that outline how the bloc can wean itself off Russian gas, which makes up around 40% of imports.