This week energy ministers from European Union countries discussed preparations for potential energy supply shocks and measures to shore up gas stocks following Russia’s invasion of Ukraine.
The invasion of Ukraine by Russia, Europe’s top gas supplier, has sharpened concerns of disruption to energy supplies. It has also increased scrutiny of European Union countries’ reliance on imported fossil fuels.
EU ministers took ‘stock of possible additional actions in terms of safeguarding supply, the use of strategic oil stocks, the management of gas stocks’ at the emergency meeting, according to a preparatory note by France, which currently chairs EU ministers’ meetings.
“We have to prepare for all possibilities,” France’s ecological transition minister, Barbara Pompili, said. The EU had sufficient gas and oil stocks to withstand short-term disruption, she said, “however there is an issue on long-term supplies.”
The ministers will also discuss possible assistance to Ukraine’s energy sector and accelerating a planned link of Ukraine’s electricity grid with Europe’s, which would make it more independent from Russia.
Russia supplies around 40% of Europe’s gas and EU rules require all member countries to have a plan to respond to gas supply shocks.
The European Commission has said Europe could cope with short-term disruption to Russian gas flows. But analysts say a complete or prolonged halt would have severe economic repercussions, requiring emergency measures such as factory closures.