IEA releases 10-point plan to cut EU's reliance on Russian gas
The International Energy Agency (IEA) unveiled on March 3 a 10-point plan for the EU reducing its reliance on Russian natural gas in light of Moscow's invasion of Ukraine.
No new gas supply contracts with Russia should be signed, the Paris-based agency said, and the expiry of existing long-term agreements will be an opportunity to reduce the volumes that the EU is contracted to take on a take-or-pay basis. Up to 30bn m3 of alternative gas supply can be sourced to replace Russian shipments, it said.
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Minimum gas storage obligations should be introduced so that the EU is ready for next winter, the agency said, warning that increased injection rates would mean higher prices this summer.
The deployment of wind and solar power plants should be accelerated, the IEA said, calling for an extra 35 TWh of capacity to be added over the next year in addition to the growth already targeted. Generation should be maximised from other low-emission sources such as bioenergy and atomic energy, it said, and short-term measures must be introduced to shield consumers from high prices. The EU should also speed up the replacement of gas boilers with heat pumps, as well as energy efficiency improvements.
What is more, consumers should be encouraged to reduce their heat use, and step up efforts to diversify and decarbonise sources of power system flexibility.