Feb 21, 2025
The European Union is looking to acquire additional natural gas and renewable energy from the United States to substitute for supplies from Russia.
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The European Union aims to obtain more gas from countries like the U.S. to substitute for Russian supplies and accelerate the transition to renewable energy to lessen dependence on gas, according to the EU's energy commissioner.
In response to Russia's invasion of Ukraine in 2022, the EU has committed to ending the use of Russian fossil fuels by 2027. While deliveries of Russian pipeline gas have dramatically decreased, the EU increased its imports of Russian liquefied natural gas last year.
EU energy commissioner Dan Jorgensen stated in a joint media interview, "Instead of using taxpayers' money to buy gas that funds Putin's war efforts, we need to ensure we generate our own energy," referring to Russian President Vladimir Putin.
Jorgensen mentioned that Brussels is planning changes to regulatory rules to expedite the construction of renewable energy sources. He noted that for industries and residential heating where gas cannot be quickly substituted with electricity, the EU will enhance efforts to find alternative sources.
"It is my responsibility to ensure that the gas is affordable and not from Russia," he said.
He added, "There will still be a need for gas, and we must explore sources other than Russia, which may include increased imports from the U.S."
Last week, European benchmark gas prices reached their highest levels in two years.
Before taking office in January, U.S. President Donald Trump cautioned that the EU would face trade tariffs unless it increased its oil and gas imports from the United States.
While the European Commission does not buy gas directly, it has developed plans to engage with LNG suppliers and consider investing in LNG export infrastructure abroad to secure more long-term contracts with stable prices, according to draft documents reported by Reuters earlier this week.
According to EU law, European gas contracts must conclude by 2049 to comply with the bloc's climate change goal of net-zero emissions by 2050.
Jorgensen refrained from commenting on the leaked draft documents, which the Commission is expected to publish next week.
However, he confirmed that the Commission is working on stricter regulations for the gas market to prevent speculative trading from driving up prices and will propose "financial instruments" next week aimed at separating retail electricity prices from high gas prices.
Current EU electricity market regulations indicate that, despite Europe's swift advancement in renewable energy, gas prices continue to determine the power prices many consumers in Europe pay.
In response to Russia's invasion of Ukraine in 2022, the EU has committed to ending the use of Russian fossil fuels by 2027. While deliveries of Russian pipeline gas have dramatically decreased, the EU increased its imports of Russian liquefied natural gas last year.
EU energy commissioner Dan Jorgensen stated in a joint media interview, "Instead of using taxpayers' money to buy gas that funds Putin's war efforts, we need to ensure we generate our own energy," referring to Russian President Vladimir Putin.
Jorgensen mentioned that Brussels is planning changes to regulatory rules to expedite the construction of renewable energy sources. He noted that for industries and residential heating where gas cannot be quickly substituted with electricity, the EU will enhance efforts to find alternative sources.
"It is my responsibility to ensure that the gas is affordable and not from Russia," he said.
He added, "There will still be a need for gas, and we must explore sources other than Russia, which may include increased imports from the U.S."
Last week, European benchmark gas prices reached their highest levels in two years.
Before taking office in January, U.S. President Donald Trump cautioned that the EU would face trade tariffs unless it increased its oil and gas imports from the United States.
While the European Commission does not buy gas directly, it has developed plans to engage with LNG suppliers and consider investing in LNG export infrastructure abroad to secure more long-term contracts with stable prices, according to draft documents reported by Reuters earlier this week.
According to EU law, European gas contracts must conclude by 2049 to comply with the bloc's climate change goal of net-zero emissions by 2050.
Jorgensen refrained from commenting on the leaked draft documents, which the Commission is expected to publish next week.
However, he confirmed that the Commission is working on stricter regulations for the gas market to prevent speculative trading from driving up prices and will propose "financial instruments" next week aimed at separating retail electricity prices from high gas prices.
Current EU electricity market regulations indicate that, despite Europe's swift advancement in renewable energy, gas prices continue to determine the power prices many consumers in Europe pay.