Soaring gas prices in Europe: “Russia could do more”

The post-Covid economic recovery has led to a rise in energy prices around the world. Since May 2020, European gas prices have, for example, jumped by 2,000%.

The International Energy Agency (IEA) believes that Russia could do more to increase the availability of gas in Europe.

“They need to make sure that adequate storage can be guaranteed for the coming period of high demand. Particularly if the winter in Europe is quite severe: we expect the demand for gas to rise above the level already. high demand linked to the economic recovery itself in connection with the Covid-19 situation of last year “, explains Keisuke Sadamori, director of energy markets and security at the IEA.

According to him, the ecological transition to clean energy would contribute to the energy security of the various countries of the world.

EU ready to validate “temporary measures”

The European Commission said it was ready on Wednesday to validate “temporary measures” Member States in the face of soaring gas and electricity prices, while it works to reduce long-term dependence on fossil fuels.

“There are tools that states can immediately use” to reduce consumers’ energy bills, explained European Commissioner Kadri Simson after a meeting of European Energy and Transport ministers in Slovenia.

She mentioned VAT reductions, direct payments to the poorest, targeted and temporary aid for households and small businesses. “My services stand ready to help (Governments) to develop these measures “, did she say.

“Member States have called for clear guidance on the type of temporary measures they can adopt in accordance with European regulations” for “protect their vulnerable consumers”, underlined the Commissioner for Energy.

The surge in global gas prices, which is pulling electricity prices across Europe in its wake, “shows that we must end our dependence on foreign fossil fuels, and this as quickly as possible”, added Simson.

Electricity prices have skyrocketed in particular Spain, very dependent on gas power stations. The France is not spared, however, despite its nuclear power plants. Prices followed those of gas and coal, up sharply due to the post-Covid economic recovery and the increase in CO2e emission quotas.

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