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EU sanctions on Russian LNG suggest growing confidence in a future without Russian gas

In June 2024, the EU adopted its 14th sanctions package against Russia which introduced measures prohibiting: transshipment of Russian LNG through EU ports to non-EU countries; imports of Russian LNG through terminals not connected to the EU natural gas system; and providing goods, technology or services for the completion of Russian LNG projects. All these measures reflect the EU’s growing confidence in a future without Russian gas, but they also suggest that such future will not be immediate. Of the 20.9 bcm exported from Yamal LNG to EU countries in 2023, around 25% was transshipped to destinations outside the EU. […]

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EU auditors slam ‘politically driven’ 2030 hydrogen targets

The European Court of Auditors has criticised the European Commission for setting unachievable hydrogen production and import targets for 2030, while praising its swift adoption of the market rulebook. In 2020, the EU adopted one of the world’s first hydrogen strategies. Later, when Russia attacked Ukraine in 2022, the bloc bet on the gaseous fuel to replace gas flows from the Kremlin, setting a target of 10 million tonnes of production and 10 million tonnes of imports by 2030. “Four years after the publication of the hydrogen strategy, we are calling for a reality check,” Stef Bloc, a member of […]

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ACER-2024-MMR-Gas-Key-Developments-Q1-Q2

Key developments in European gas wholesale markets for H1 2024

While prices have increased since the start of the year, they have been lower, on average, than in 2023. LNG production outages, global competition and limited demand reduced the utilisation of EU LNG terminals, especially in the second quarter. Gas-fired power generation is in decline due to the increased output of renewables. Mild weather, household savings, and sluggish recovery of industrial demand resulted in a decreasing overall gas consumption. Source: ACER

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Towards climate-neutral and resilient energy networks across Europe

The European associations of gas and electricity transmission system operators should improve their draft scenarios to make them more in line with the achievement of the EU climate objectives for 2030 and 2050 and the ‘energy efficiency first’ principle. Using these scenarios in their current form could result in inadequate energy infrastructure planning and development, presenting several risks for the EU, such as an overshoot of the EU’s GHG budget, energy and cost inefficiency, and import dependency. Source: European Scientific Advisory Board on Climate Change

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