June 8, 2023

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US gas to some extent helps Europe remove Russian gas |  War in Ukraine

US gas to some extent helps Europe remove Russian gas | War in Ukraine

The United States will help Europe quickly eliminate Russia’s gas. During the EU summit on Friday evening, EU leaders decided to postpone several far-sighted interventions in the energy market.

Prime Minister Rutte said after the EU summit several hours later that the European market was too complex and fragmented to make quick decisions. Together with the leaders of other northern countries, they were able to temporarily halt market interventions encouraged by southern European countries, i.e. the introduction of a price ceiling on the wholesale price of gas. Brussels, member states and industry need to look at this first. Rutte said it was prudent because suppliers could also turn off the pipeline, and that the safety of the supply should come first. The disconnection of electricity and gas prices, again a favorite in southern Europe, is being explored first. Route: If you approach it from the bottom of the list eliminating issues that aren’t worth the fight. Spain and Portugal will be temporary exceptions because they are in a special situation and have bad connections with the European energy network.

The leaders collectively decided to buy gas. Rutte thinks it’s not a bad idea ‘if we can use our market power to reduce prices’. As has now been decided, it is being done on a voluntary basis. At the same time, he is skeptical of a plan to give the European Commission a greater share. “Gas is different than vaccines or masks.” The group also proposed the creation of mixed negotiating groups for gas purchases: Brussels and member states.

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Gas contract

Earlier, the group announced details of a gas deal with the United States. This year, the United States will supply 15 billion cubic meters to Europe, and then by 2030, 50 billion cubic meters. This means that it now covers one-third of what comes from Russia.

Group experts say the rest should come from other suppliers and through savings. Japan was able to save 30 percent in the short time after the nuclear disaster in Fukushima, Europe. Now that European gas imports from Russia are 157 billion cubic meters, one-third must come from elsewhere. According to committee experts, the United States has always been reluctant to pump large amounts of gas into the market for fear of falling domestic prices, but in violation of the law of war – in fact. President Biden is sensitive to Eastern European claims that Europe is still funding more than 600 million euros a day for the Russian war machine against Ukraine. It has twice as proudly shipped $ 500 million in two weeks since the start of the secret invasion.

Storage tanks

Commission Chairman Van der Leyen and President Biden have been in touch since late last year about what their current gas deal is. At the time, Russia was conducting its ‘military exercises’ on the eastern border of Ukraine, and the risk that Putin would see it as a precursor to an invasion seemed very real at the time. “It means we can negotiate peacefully,” a team expert said. Von der Leyen himself spoke of ‘progressing an important step’ and ‘a new chapter in our energy partnership’. As another step towards greater energy independence, his proposals to force member states to increase shares have been passed. Underground storage tanks should be 80 percent full by the beginning of next winter and 90 percent full by November 1 of each year.

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U.S. gas supplies are the most important part of the EU-US energy deal, but it is far more comprehensive. The maximum temperature increase of 1.5 degrees agreed in Paris, both groups promise a rapid transition to stable sources. These two modules will work on the global ‘decarbonization’ (CO2 freeing) of the steel and aluminum industry, two of which are renowned for their power consumption and climate trajectory. A working group led by ambassadors Biden and Van der Leyen will be set up to implement the deal.

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