Looking into the Policy, Legal and Institutional Framework of the New EU Energy Platform
Article from: OGEL 5 (2023), in Geopolitics of Energy
Introduction
The REPowerEU Plan to rapidly reduce dependence on Russian fossil fuels seems to bear fruits. Before the war in Ukraine, the EU imported 155 billion cubic metres (bcm) per year from Russia. In 2022, 61 bcm was imported from Russia and by mid-February 2023 that number decreased to 500 million cubic metres. Russian gas has amounted to around 8% of all pipeline gas imported in the EU since September 2022. Moreover, the price of European natural gas has fallen from €300/MWh in August 2022 to below €50/MWh in February 2023. Despite the progress towards reducing dependency ...