PARIS: Europe faces a major natural gas shortfall in 2023 if Russia completely halts deliveries but has measures it could take to avoid shortages, the International Energy Agency said Monday.
The Paris-based IEA, which advises energy-consuming countries on policy, estimated that Europe would face a potential shortfall of 23 billion cubic meters of natural gas if Russia completely cut off deliveries and if the Chinese liquefied natural gas (LNG) imports were rebounding to 2021 levels.
This represents around 6.5% of EU gas consumption in 2021.
“The European Union has made significant progress in reducing dependence on Russian natural gas supplies, but it is not yet out of the danger zone,” said the IEA’s executive director. , Fatih Birol, quoted in a press release.
He said that the circumstances would probably not be so favorable in 2023 for European countries to fill their gas reserves, which, combined with the increase in LNG purchases, seems to have avoided the risk of shortage for this winter despite the stoppage of most gas supplies from Russia.
But it is unclear whether Russia will maintain its low level of gas deliveries in 2023, while China’s easing of its zero-Covid policy could lead to an economic rebound and an increase in LNG imports.
“New IEA analysis shows that a greater push on energy efficiency, renewables, heat pumps and simple energy saving actions is vital to avoid the risk of shortages and new vicious price spikes next year,” Birol said at an event launching the agency’s latest report. analyzes.
These analyzes concluded that the potential supply gap can be filled if the EU takes these additional measures.
“Russia’s blackmail has failed,” European Commission President Ursula von der Leyen said at the event.
She urged EU member states to quickly approve additional measures to boost energy preparedness and called for joint energy purchases.
The Paris-based IEA, which advises energy-consuming countries on policy, estimated that Europe would face a potential shortfall of 23 billion cubic meters of natural gas if Russia completely cut off deliveries and if the Chinese liquefied natural gas (LNG) imports were rebounding to 2021 levels.
This represents around 6.5% of EU gas consumption in 2021.
“The European Union has made significant progress in reducing dependence on Russian natural gas supplies, but it is not yet out of the danger zone,” said the IEA’s executive director. , Fatih Birol, quoted in a press release.
He said that the circumstances would probably not be so favorable in 2023 for European countries to fill their gas reserves, which, combined with the increase in LNG purchases, seems to have avoided the risk of shortage for this winter despite the stoppage of most gas supplies from Russia.
But it is unclear whether Russia will maintain its low level of gas deliveries in 2023, while China’s easing of its zero-Covid policy could lead to an economic rebound and an increase in LNG imports.
“New IEA analysis shows that a greater push on energy efficiency, renewables, heat pumps and simple energy saving actions is vital to avoid the risk of shortages and new vicious price spikes next year,” Birol said at an event launching the agency’s latest report. analyzes.
These analyzes concluded that the potential supply gap can be filled if the EU takes these additional measures.
“Russia’s blackmail has failed,” European Commission President Ursula von der Leyen said at the event.
She urged EU member states to quickly approve additional measures to boost energy preparedness and called for joint energy purchases.
