Soaring prices not a result of clean energy transition, says International Energy Agency
21 September 2021 - 20:05The International Energy Agency called on Russia to supply more natural gas to Europe, saying the energy crunch was an opportunity for the country to show it’s a “reliable supplierRussia is meeting its contractual obligations to ship gas to Europe, but its exports to the continent are still down from levels in 2019, before the global pandemic, the agency said. More gas flowing from the east would help Europe boost its stockpiles before the winter.
Europe is entering the winter with the lowest inventories in more than a decade, leaving the market vulnerable to price volatility when the sun isn’t shining or the wind isn’t blowing — curbing the output of renewable power. “If the level of storage is not very high and the winter is very cold we may have a shortage of gas,” said Engie deputy CEO Didier Holleaux. “Hopefully the start of the winter will not be too cold in the northern hemisphere. If not, we are in trouble.”Europe is facing gas shortages, but Russia has a crunch of its own. Gazprom has boosted production this year, but it’s directing the additional output to refill depleted storage sites at home.
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