The European Union has enough natural gas for this winter. But it could face a shortage of it next year if Russia does not resume supplies of this commodity.Governments should appeal more to energy savings and contribute to renewable expansion, the International Energy Agency says.
The EU will miss 6.5% of last year’s total natural gas consumption
The total volume of natural gas that the 27 could miss next year is estimated by the International Energy Agency (IEA) at 27 billion cubic meters. That represents about 6.5 percent of last year’s total annual consumption, which reached around 412 billion cubic meters.
According to IEA chief Fatih Birol, it is a “serious challenge.” Birol highlighted the threat of gas shortages during a press conference in Brussels on Monday hosted by the European Commission. Birol said that gas shortages with the 27 can avoid significant increases in support for renewable resources or further cost-saving measures in energy consumption.
Hundreds of billion-dollar investments will return within two years
The investments that renewable expansion will require amount to around €100bn, according to Fatih Birol. But these are said to be back within two years, thanks to lower gas prices that are bound to result from the measures.
