Brussels, 24 November 2022 (TDI): Over the past year, the European Union has taken significant steps to swiftly reduce its reliance on Russian gas while preserving the security of its energy supply.
The “REPowerEU” Plan was unveiled by the European Commission as a response to the hardships and disruption of the global energy market brought on by Russia’s invasion of Ukraine.
Both the need to address the climate issue and the EU’s dependence on Russian fossil fuels, which are used as a political and economic tool and cost European taxpayers up to €100 billion annually, make it urgent for Europe to reform its energy system.
By acting as a single entity, Europe can reduce its reliance on Russian fossil fuels more quickly. In order to help Ukraine, 85% of Europeans think that the EU needs to lessen its reliance on Russian oil and gas as soon as feasible.
In spite of the interruptions in the gas market, the European Council has decisively approved a regulation intended to ensure that gas storage capabilities in the EU are filled before the winter season & may be shared among member states in a spirit of solidarity.
The action was taken in response to the conflict in Ukraine in order to increase the security of the EU’s energy supply.
The rule says that underground gas storage shall be filled to at least 80% of capacity on the territory of member states by the winters of 2022–2023 and to 90% before the subsequent winters.
In sum, the EU will make an effort to fill 85% of its capacity for underground gas storage by 2022. A Council Regulation on an emergency intervention to address excessive energy costs was also formally agreed upon by EU member states.
The rule establishes standard practices for lowering power usage as well as for collecting and redistributing energy sector excess funds to individuals and small and medium-sized businesses.
On 9 November 2022, EU Commission gave a proposal for a temporary emergency regulation to accelerate the deployment of renewables to reduce the Russian Gas supply.
The final proposal for the market correction mechanism was presented to the European Commission on 22 November 2022.