Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Europe Diversifies Energy Sources, Reduces Dependence on Russian Gas

Europe Diversifies Energy Sources, Reduces Dependence on Russian Gas

Europe has reduced its dependence on Russian gas by diversifying its energy sources and increasing imports from other countries.
This move has been driven by a combination of factors, including growth in renewables, reduced demand, increased imports from the US, and memorandums of understanding with Egypt and Israel.

Despite this shift, Europe's energy networks remain vulnerable to shocks and price spikes, and a prolonged cold spell or large demand for air conditioning could cause prices to rise again.

The shift away from Russian fuels also means that Putin has lost his best leverage over Europe.

There is no political mandate to buy large volumes of Russian gas, and Moscow's expectation that an energy crisis in Europe would sap support for Ukraine has not materialized.

The European Commissioner for Energy, Kadri Simson, stated that Europe has diversified its gas supply sources and reduced its dependence on Russian fossil fuels.

The Power of Siberia pipeline agreement with China is unlikely to significantly change Russia's ability to supply Europe in the short term.

Yuri Shafranik, a former Russian energy minister, and Toth-Czifra, a gas industry expert, agree that Russia's loss of the European gas market is a problem.

However, the decline in productivity for some of Europe's energy-intensive industries in response to volatile gas prices is a concern.

Energy Commissioner Simson stated that Europe will not restore energy ties with Russia to pre-war levels and will focus on securing its energy supply.
Newsletter

Related Articles

0:00
0:00
Close
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
World's Hottest Day Recorded on July 21
President Biden Returns to White House After Testing COVID Negative
Thousands Protest in Mallorca Against Mass Tourism
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
Joe Biden Withdraws from 2024 US Presidential Race
A Week of Turmoil: Key Moments in US Politics
Erdogan Challenges NATO Stance at 75th Anniversary Meeting
Hungary's Orban Shakes Up EU Leadership
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
US Criticizes International Court's Opinion on Israeli Occupation
EU’s Patronizing Attitude Towards Africa Revealed
Ukraine to Receive First One and a Half Billion Dollars of Seized Russian Funds
Netanyahu Denounces World Court Ruling on Israeli Occupation
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Russia Accuses Ukraine of Using Chemical Weapons
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Record Heat Temperatures in Ukraine Amid Power Crisis
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
EU Parliament Condemns Hungarian PM's Russia Visit
FBI Struggles to Find Motive Behind Trump Shooting Incident
Kremlin Criticizes EU Rejection of Orban’s Ukraine Peace Proposal
Russia's Electronic Warfare Neutralizes Western Weapons in Ukraine
Trump Challenges Biden to Debate and Golf Match
Macron Accuses Israeli Minister of Election Interference
US Senator Highlights Weaknesses in Western Military Industry During Ukraine Conflict
George Clooney Urges Biden to Withdraw from Presidential Race
Political Shift in the UK: A Detailed Analysis of Labour's Victory and Future Prospects
Viktor Orbán's Peace Mission: A Diplomatic Controversy in the EU
India Advocates Peace and Prosperity: PM Modi's Speech in Austria
New UK PM Keir Starmer Reaffirms Strong Support for Ukraine at NATO Summit
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
Sunita Williams Safe on ISS, to Address Earth on July 10
Biden Affirms Commitment To Presidential Race
France Faces Political Turmoil and Airport Strikes Ahead of Paris Olympics 2024
Putin Hosts PM Modi for a Private Meeting
Boeing Pleads Guilty Over 737 MAX Crashes
2024 Predicted to Be World's Hottest Year
White House Denies Biden Being Treated for Parkinson's Disease
Biden to Meet New UK Prime Minister Keir Starmer
Biden Insists on Continuing Presidential Race Amid Criticism
UK Defence Minister Pledges Enhanced Support to Ukraine
French Prime Minister Gabriel Attal Resigns After Election Setback
Macron Faces New Political Challenges Despite Election Relief
France's Far-Right Falls Short in Parliamentary Elections
×