EU pursues greater US gas imports to replace Russian supplies

The European Union is intensifying efforts to reduce its reliance on Russian fossil fuels, with a dual strategy to secure more natural gas from alternative sources, including the United States, while rapidly expanding its renewable energy capacity.

This initiative aligns with the EU’s commitment to phase out Russian energy by 2027, following Russia’s 2022 invasion of Ukraine, which has had a profound impact on European energy security, Caliber.Az reports via foreign media.

In a recent interview, EU Energy Commissioner Dan Jorgensen outlined the bloc's approach, emphasizing the need to reduce European dependence on Russian gas.

"Instead of using taxpayers' money, citizens' money, to pay for gas where the revenue goes into Putin's war chest, we need to make sure that we produce our own energy," Jorgensen said.

He added that the EU was preparing changes to permit rules aimed at expediting the construction of renewable energy infrastructure.

While Russian pipeline gas deliveries have plummeted, the EU increased imports of Russian liquefied natural gas (LNG) in the past year, a development Jorgensen noted was temporary. For sectors such as industry and home heating, where gas cannot be quickly replaced by electricity, the EU is seeking alternative gas sources.

"There will still be the need for gas, and there we will have to find other sources than Russia, and that can also mean bigger import from the US," Jorgensen explained.

The rising European gas prices, which recently reached two-year highs, reflect the urgency of securing alternative supplies. The EU is exploring partnerships with LNG suppliers and is even considering investments in LNG export infrastructure abroad, aiming to secure long-term contracts that ensure more stable prices.

Jorgensen also highlighted the EU’s ongoing efforts to tackle high electricity prices, which continue to be influenced by the fluctuating cost of gas despite the bloc's rapid transition to renewable energy. He confirmed that the European Commission was working on stricter controls of the gas market to prevent speculative trading from causing price spikes. "We would propose 'financial instruments' next week designed to decouple retail power prices from high gas prices," Jorgensen noted.

In addition to its immediate focus on energy supply diversification, the EU is committed to meeting its climate change targets, which include achieving net-zero emissions by 2050. According to EU law, all gas contracts must end by 2049 to align with this goal.

As the European Commission prepares to release further details on its strategy next week, the EU’s approach underscores the pressing need to balance energy security with climate commitments, ensuring that Europe's transition to sustainable energy does not come at the expense of affordability or stability.

By Vafa Guliyeva