Countries should be ready to cut energy usage by 30% if Russian supplies stop, the IEA says
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Europe will need to cut as much as 30% of its gas use by mid-February if flows from Russia are halted, the International Energy Agency’s (IEA) chief executive, Fatih Birol told Bloomberg on Tuesday.
“Depending on its timing, a complete cut-off of Russian gas supplies to Europe could result in storage fill levels being well below average ahead of the winter, leaving the EU in a very vulnerable position,” Birol stated in emailed comments to Bloomberg. “In the current context, I wouldn’t exclude a complete cut-off of gas exports to Europe from Russia.”
The European Union’s storage filling is on pace to reach 90% capacity by November 1. However, that could fall to 75% if Russian gas exports stop completely, Bloomberg calculates.
The IEA chief noted that lowering consumption should first start with industry usage and households to reach storage goals.
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Germany calculates costs of Russian gas supply cut
Europe’s largest economy, Germany, has been struggling with a shortfall in Russian gas supplies after deliveries via the Nord Stream pipeline were cut by 60% earlier this month. In response, the government has launched the “alarm” phase of its gas emergency plan, signaling that businesses and households need to cut down on consumption.
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