Released May 23, 2024 | SUGAR LAND
en
Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--The European Commission said members of the bloc are on a clear track to end their reliance on Russian energy supplies, some two years after the invasion of Ukraine upended global markets.
Russia's decision to invade Ukraine sparked something of a sea change in global energy flows. Europe before the war was heavily dependent on Russia for its natural gas supplies, and much of that moved through Soviet-era pipelines in Ukraine.
Some landlocked nations, such as Poland, were completely dependent on Russia for supplies. Sabotage on the Nord Stream gas network running through the Baltic Sea to Germany only highlighted the geopolitical risk.
With stiff sanctions imposed on Russia to rob it of the capital it needs to continue fighting in Ukraine, members of the European Union (EU) are looking to the likes of Norway, the U.S. and Qatar for their supplies.
"The EU is now on track to completely eliminate its reliance on Russian fossil fuels, while continuing to advance the green transition and supporting Ukraine," the commission said last week.
Member states on Tuesday were called on to take measures to limit what comes into the region in the form of liquified natural gas (LNG) from terminals controlled by Russia.
"Past evidence has also shown that natural gas may be used to weaponize and manipulate energy markets, for instance by hoarding capacities in natural gas infrastructure, to the detriment of the Union's essential international security interests," the bloc said.
The bloc said that it's been able to reduce the share of imports of Russian gas from 45% in 2021 to 15% last year. Since 2022, 96 gigawatts (GW) of solar power and 33 GW of wind capacity have been added to the European grid.
Low-carbon options, from renewable gas to hydrogen, should play an important new role in the EU's efforts to clean up the energy sector, under new guidelines outlined by the bloc. A five-year pilot project for hydrogen is also envisioned for the region, though similar efforts in the United Kingdom were scrapped after public backlash.
The statements followed claims from the Kremlin that its economy and energy sector were stable, despite mounting pressure from its Western adversaries.
"I would like to emphasize that despite the sanctions and strong volatility on the global and regional energy markets, the domestic fuel and energy complex is developing steadily, opening new areas for exports and reliably and fully meeting growing domestic needs, which is fundamentally important and is a priority for us," Russian President Vladimir Putin said Tuesday.
While Russia's economy is growing at a pace similar to other major economies, inflation is mounting and interest rates remain high. Ukraine, meanwhile, has routinely targeted Russian refineries and other infrastructure with drone strikes.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Russia's decision to invade Ukraine sparked something of a sea change in global energy flows. Europe before the war was heavily dependent on Russia for its natural gas supplies, and much of that moved through Soviet-era pipelines in Ukraine.
Some landlocked nations, such as Poland, were completely dependent on Russia for supplies. Sabotage on the Nord Stream gas network running through the Baltic Sea to Germany only highlighted the geopolitical risk.
With stiff sanctions imposed on Russia to rob it of the capital it needs to continue fighting in Ukraine, members of the European Union (EU) are looking to the likes of Norway, the U.S. and Qatar for their supplies.
"The EU is now on track to completely eliminate its reliance on Russian fossil fuels, while continuing to advance the green transition and supporting Ukraine," the commission said last week.
Member states on Tuesday were called on to take measures to limit what comes into the region in the form of liquified natural gas (LNG) from terminals controlled by Russia.
"Past evidence has also shown that natural gas may be used to weaponize and manipulate energy markets, for instance by hoarding capacities in natural gas infrastructure, to the detriment of the Union's essential international security interests," the bloc said.
The bloc said that it's been able to reduce the share of imports of Russian gas from 45% in 2021 to 15% last year. Since 2022, 96 gigawatts (GW) of solar power and 33 GW of wind capacity have been added to the European grid.
Low-carbon options, from renewable gas to hydrogen, should play an important new role in the EU's efforts to clean up the energy sector, under new guidelines outlined by the bloc. A five-year pilot project for hydrogen is also envisioned for the region, though similar efforts in the United Kingdom were scrapped after public backlash.
The statements followed claims from the Kremlin that its economy and energy sector were stable, despite mounting pressure from its Western adversaries.
"I would like to emphasize that despite the sanctions and strong volatility on the global and regional energy markets, the domestic fuel and energy complex is developing steadily, opening new areas for exports and reliably and fully meeting growing domestic needs, which is fundamentally important and is a priority for us," Russian President Vladimir Putin said Tuesday.
While Russia's economy is growing at a pace similar to other major economies, inflation is mounting and interest rates remain high. Ukraine, meanwhile, has routinely targeted Russian refineries and other infrastructure with drone strikes.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
