President von der Leyen debates EU gas supply for 2023! Can we REPowerEU???

Subscribe here: https://bit.ly/eudebates I am very happy to welcome here Fatih Birol. We had a very good discussion on an energy outlook for Europe and how to deal with the unprecedented disruptions that have been caused by Russia’s atrocious war.

Russia has indeed cut its pipeline supplies by 80% – if you compare September of this year to September of last year. We all know that these pipeline gas cuts have added unprecedented pressure on the global energy markets, with severe knock-on effects on Europe’s energy system. But I want to emphasise that despite these enormous cuts, we have been able to manage, we have been able to withstand the blackmail. We have acted, and we have acted successfully.

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Seven months ago, in May, we have presented our response to this Russian blackmail by putting on the table REPowerEU, our plan to reduce the demand for Russian gas by two-thirds before the end of this year. And we have underpinned this proposal with an investment plan of up to EUR 300 billion. In just a few months, we have turned the REPowerEU plan into many different legislative proposals and actions on the ground. And I think it is worth looking at that. Basically, we have taken ten different actions in the last ten months.

The first one is: we have enormously diversified away from Russian fossil fuels, away from Russian gas supplies towards other reliable, trustworthy suppliers. Second, we are saving energy. We have introduced, as you all know, the target to reduce gas demand by 15%. If we look at the data from early autumn, we are very well on track. It is good that we are saving energy and we have to keep on saving energy. The third point is: we are boosting the roll-out of renewables. If you look at the year 2022, we will have added almost 50 gigawatts of new capacity that is almost doubling the additional capacity of renewable energy, mostly from wind and solar. For us, this is very important because this is not only good for the planet, but we know that renewables are home-grown, they create good jobs here and they create independence and security of supply.

The fourth point is that, in this context of renewables, we have proposed to speed up drastically the permitting process for renewables. We know that many projects are basically ready to go if the permitting was there, so this has to be faster. Therefore, we have put a proposal on speeding up the permitting process on the table. The fifth point is that we have put in place a minimum gas storage obligation. Our storages are now filled by more than 90%, so we have overshot the target, that is very good, and we are well above the previous five-year average.

The sixth point is on solidarity. We have proposed default arrangements for the supply of gas between Member States where solidarity agreements are not yet in place to make sure that in an energy emergency, we can ensure that the gas is going and flowing where it is most needed. The seventh point is: we have set up a platform for the joint purchasing of gas, to increase our negotiation leverage and get better prices. I think it is unacceptable that different Member States are outbidding each other on the global market and thus driving up the prices. Therefore, it is important that we join forces for the negotiation on a global level.

The eighth point is: we have improved our infrastructure. We have four new interconnectors that became operational this year. It is the Baltic Pipe, it is the interconnector Poland-Lithuania, the interconnector between Bulgaria and Greece, and the gas interconnector between Poland and Slovakia. The ninth point I want to highlight is the fact that we have put out a legal framework that enables Member States to skim off the windfall profits, the super profits of energy-producing companies, to take this money and to support by that the vulnerable households and the vulnerable businesses in a targeted manner. And finally, the tenth point is: we proposed a market correction mechanism, also known as the price cap, to limit spikes in gas prices at TTF level.