The heads of the International Energy Agency and European Union's executive branch said Monday that the 27-nation bloc is expected to weather an energy crisis this winter but needs to speed renewables to the market and take other steps to avoid a potential shortage next year in natural gas needed for heating, electricity and factories.
Even after Russia cut most natural gas to Europe amid the war in Ukraine, EU countries largely were able to fill gas storage for the winter heating season by tapping new supplies, saving energy and benefiting from mild weather and low demand from China amid COVID-19 lockdowns.
The IEA says the EU faces a possible natural gas shortfall of up to 30 billion cubic meters, citing the potential of losing the rest of Russian pipeline supply and a tight market for liquefied natural gas, or LNG, that comes by ship if Chinese demand rebounds.Though the EU has been able to "withstand the blackmail" from Russia and taken actions to lower prices and build up supply, von der Leyen said "more is needed.
Von der Leyen also called for an acceleration of renewables and increased investment in the energy transition from both the national and EU level. She said the commission will propose boosting the EU's framework for investing in clean technology. The IEA released a new report offering suggestions to avoid a gas shortfall next year to the tune of 100 billion euros in additional investment from EU nations. The Paris-based agency with 31 member nations worldwide pushed for expanding programs and making more funding available to renovate homes and replace appliances to be more energy efficient.
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