If nothing is done to cut gas costs, the European Union will endure five to ten harsh winters, according to the Belgian minister of energy.
Tinne Van der Straeten asserted that gas prices should be frozen and not utilized to determine the cost of electricity.
As a result of Russia’s invasion of Ukraine in February, which prompted the imposition of sanctions on the EU, energy costs have skyrocketed.
Countries supporting Ukraine are attempting to reduce their gas and oil imports from Russia.
Russia, which provided 40% of the EU’s gas last year, has now reduced shipments.
In addition to gas, power costs have reached record levels.
Natural gas is still commonly utilized for energy generation. Because gas prices have increased, the price of this item has increased.
Significantly, this pricing is used when purchasing wholesale electricity, even when it comes from significantly less expensive renewable supplies.
“We must halt the current insanity on the energy markets,” Austria’s Chancellor Karl Nehammer stated.
“We cannot allow [Russian President Vladimir] Putin to determine the daily price of electricity in Europe,” he continued.
Germany, the largest importer of Russian gas in 2020, has been rushing to increase its gas stocks before the onset of winter despite Russia’s decision to reduce delivery.
Its goal is to reach 85 percent of its gas capacity by October. To achieve this, it has implemented energy-saving measures.
Economy Minister Robert Habeck stated that these steps, together with the purchase of gas from alternative suppliers, had allowed Germany to achieve its objective earlier than planned.
He believed that the 85 percent goal might be met by the beginning of September.
Last Thursday, Belgian Prime Minister Alexander de Croo urged citizens to “hope for the best and prepare for the worse.”
