European Union governments have agreed to reduce consumption of natural gas to protect themselves against any further Russian supply cuts. 9News
EU energy ministers approved a draft European law designed to lower demand for gas by 15 per cent from August through March. The legislation entails voluntary national steps to reduce gas consumption, but if that does not yield enough savings, mandatory actions in the 27-member bloc would be triggered.
The energy ministers approved the compromise legislation a day after Russian energy corporation Gazprom said it would cut gas flows through the Nord Stream 1 pipeline to Germany to 20 per cent of capacity starting on Wednesday. Natural gas prices jumped on Tuesday to their highest level since early March, according to Europe's TTF benchmark, and more than five times what they were a year ago.
The disruptions in Russian energy trade with the EU already are stoking inflation to record levels in Europe and threatening to trigger a recession just as the bloc was recovering from a pandemic-induced slump.Russian energy corporation Gazprom said it would cut gas flows through the Nord Stream 1 pipeline to Germany to 20 per cent of capacity starting this week.
France, for example, wants to save energy by turning down office thermostats in winter and ensuring that air conditioners in public buildings and shops are used more efficiently.
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