October 3, 2022

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Italy: Maximum purchase price for Russian gas for Europe |  Financial issues

Italy: Maximum purchase price for Russian gas for Europe | Financial issues

According to Singolani, fears of gas supply disruptions are now driving a price hike that benefits only Gazprom and thus the Russian state.

alternatives

Italy is one of the European countries most dependent on Russian gas. About 40% of all gas in Italy is imported from Russia. Therefore, the country in southern Europe is working hard to find alternatives. For example, Minister Luigi Di Maio will travel to Qatar on Saturday with the CEO of oil and gas group Eni to make arrangements for more gas shipments. Earlier, the two had already gone on a similar trip to Algeria.

In addition, Italy also wants to get more gas from Azerbaijan and create more capacity to import liquefied gas (LNG). This is usually delivered by ship.

winter without

At the same time, under certain conditions, Europe can easily survive the winter without Russian gas, says research agency Aurora Energy Research. This will lead to a shortage of 109 billion cubic meters of gas, which is about 38% of the total gas consumption in Europe. This must be resolved by other deliveries and savings in consumption.

Additional gas can be achieved from other sources via existing pipelines, additional LNG supplies and pumping more of our own gas. Gas reserves also play an important role. It should be 90% full at the beginning of winter. Researchers believe this would cost between €60 billion and €100 billion.

nuclear power plants

At the same time, European countries can postpone the closure of coal and nuclear power plants. This reduces the amount of gas required by about 12 billion cubic metres. However, carbon dioxide emissions from coal-fired power plants are also rising. If more coal is not imported from Russia, it will be a “huge challenge” to generate enough electricity.

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