European countries are racing to prepare for the risk of Russia cutting gas exports. Here’s how things look
Vladimir Putin and Russian state-owned energy giant Gazprom appear to be turning the screw on Europe by limiting gas supplies. The head of thethat Europe needs to prepare immediately for the eventuality of Russia turning off all gas exports to the region this winter. The invasion of Ukraine has triggered a scramble by countries to wean themselves off energy imports from Russia, but fresh urgency has been injected into those efforts.
Instead, nations are racing to fill up their storage caverns earlier in the year than usual. Europe’s underground storage caverns are 57% currently full. The European Commission has asked each country to reach 80% storage by the start of November, with Germany targeting 90% by the same point. However, without Russian gas, these targets will be hard to meet. “The only way they’ll get near the target is by paying very high prices.
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