The IEA says in its quarterly gas report that EU countries will need to reduce use by 13 per cent over the winter in case of a complete Russian cut-off amid the war in Ukraine.
| Europe faces “unprecedented risks” to its natural gas supplies this winter after Russia cut off most pipeline shipments and could wind up competing with Asia for already scarce and expensive liquid gas that comes by ship, the International Energy Agency says.
The EU on Friday agreed to mandate a reduction in electricity consumption by at least 5 per cent during peak price hours. Businesses in Europe have already cut back natural gas use, sometimes simply by abandoning energy-intensive activity such as making steel and fertiliser, while smaller businesses such as bakeries are feeling a severe crimp in their costs.
European leaders say the cutback in Russian gas is energy blackmail aimed at pressuring governments over their support for Ukraine and sanctions against Moscow.