MOSCOW, November 12. /TASS/. Europe’s policy of phasing out fossil fuels has proven ineffective, leaving the region’s market more vulnerable, Gazprom stated.
"In Europe, the policy of phasing out fossil fuels has proven ineffective. Specifically, relying on weather-dependent renewables and liquefied natural gas (LNG) - rather than on reliable pipeline supplies - has led to a significant surge in gas prices," the company said.
Another consequence, it noted, was that underground gas storage facilities were at historically low levels at the start of the heating season.
"As a result, the European market has become more vulnerable to any external crises that impact the region’s economy and energy security," Gazprom emphasized.
The company also noted that in 2026, the global energy market was primarily affected by events stemming from political decisions. The disruption of traditional LNG and oil supply routes brought energy security issues into sharper focus, while decarbonization and the transition to renewable energy sources took a back seat.
"In the long term, the fundamental trends in global energy development will persist. Energy consumption will continue to grow, and natural gas will play a key role in ensuring a reliable energy supply. Against this backdrop, Gazprom continues to strengthen its position in the global gas market, maintaining reliable gas supplies both to Russian consumers and for export," the company added.