Russia may shut off gas altogether, Europe must now act: IEA


Brussels — Russia is trying to strengthen its political influence during the Ukraine crisis, which could completely shut off gas to Europe, the head of the International Energy Agency (IEA) said Wednesday, Europe He added that he needs to prepare now.

“I’m not going to rule out Russia continuing to find problems here and there, further reducing its gas supply to Europe, and perhaps finding excuses to shut it down altogether,” said IEA Managing Director Fatih Birol. Said in a statement sent to Reuters.

“This is why Europe needs an emergency response plan,” Birol added, adding that the recent decline in flow may be an attempt to gain political influence ahead of the high-demand winter months. Said not.

He added that the IEA did not see the full cutoff as the most likely scenario.

The European Union has sanctioned Russia’s oil and coal, but is refraining from banning gas imports, partly due to its heavy reliance on supply from Moscow.

Regarding total energy investment in 2022, the IEA said in a report that $ 2.4 trillion will be invested in this sector this year, including record spending on renewable energy. However, he added that it did not close the supply gap.

The 8% year-on-year increase in the pandemic has included significant growth in the electricity sector and efforts to increase energy efficiency, said Wednesday in its annual investment report.

Noah Browning

Reuters

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