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EU can control gas sector manually, if Russian gas stops — media

September 10, 2014, 12:42 UTC+3 MOSCOW
The EU also wants to simplify bidding for virtual reverse gas supplies, under which, for instance, Slovakia, buying Russian gas from Germany, can take the gas directly from the major pipeline
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© ITAR-TASS/Alexander Ryumin

MOSCOW, September 10. /ITAR-TASS/. The EU may introduce manual control over its energy sector, if Russian gas supplies break, business daily Kommersant reported Wednesday quoting an EU Council energy security draft report.

In the report, the EU confirms that market measures will not suffice if serious problems occur, and then mechanisms of the best use of gas storages and liquefied natural gas (LNG) regasification terminals must be implemented.

EU LNG receiving terminals’ capacities amount to about 200 billion cubic meters, but they are only 20% loaded as many companies sell the gas to Asia and Latin America and the sales could be curbed.

Infographics Russian gas in Europe Russian gas in Europe
One-third of gas consumed in EU comes from Russia. Infographics ITAR-TASS
The EU also wants to simplify bidding for virtual reverse gas supplies, under which, for instance, Slovakia, buying Russian gas from Germany, can take the gas directly from the major pipeline without waiting for it to come to Germany. It will force Russian gas giant Gazprom to make prices for the countries with access to virtual reverse supplies flat or to impose a 100% take-or-pay condition in its contracts.

In general, the union’s strategy is to decrease the use of fossil fuels, gas in the first place, by improving the energy efficiency and switching to renewable resources. The EU will also promote forming gas prices on the basis of the spot market instead of linking them to oil.

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