Latest news with #REPowerEU
Russia Today
2 days ago
- Business
- Russia Today
Ditching Russian gas could cost EU state €16 billion
Slovakia could face €16 billion (over $18 billion) in penalties for cutting short a long-term gas deal with Russia's Gazprom under the EU's proposed phaseout plan, the country's state-owned gas importer SPP has warned, according to Reuters. Under the so-called REPowerEU plan, Brussels aims to eliminate the EU's reliance on Russian fossil fuels by 2028. The controversial legislation, supported by Commission President Ursula von der Leyen, would ban new gas contracts with Russia from 2026 and long-term ones by the end of 2027. The Commission has said it is considering legal avenues to enable European companies to claim force majeure, allowing them to terminate Russian gas contracts without penalties. SPP, which has a supply agreement with Gazprom until 2034, said on Tuesday that even if it invokes force majeure, the Russian energy giant may still seek compensation if an EU-wide import ban comes into force. Slovakia has repeatedly stressed the risks of cutting off Russian supplies, warning it would drive up prices across Europe and undermine energy security. Along with Hungary, Austria and reportedly Italy, Bratislava has opposed sanctions on Russian gas, which currently require unanimous backing from all EU member states. Slovak Prime Minister Robert Fico slammed the new phaseout plan as 'economic suicide.' Unlike sanctions, however, this plan is expected to be introduced as trade legislation, requiring the support of just 15 out of 27 EU members to pass, Reuters noted. Slovakia's energy setup leaves it particularly vulnerable. The landlocked country depends on Russia for about 85% of the gas it uses. In February, Slovakia began receiving Russian supplies via the TurkStream pipeline after Kiev halted gas transit through Ukraine, avoiding a domestic energy crisis. The country had already experienced a significant reduction in Russian gas imports due to Ukraine-related sanctions on Moscow and the 2022 sabotage of the Nord Stream pipeline. The EC's proposal will now go through the EU's co-decision legislative process, requiring approval from both the European Parliament and the Council.
Yahoo
2 days ago
- Business
- Yahoo
EU plans to stop Russian gas and oil imports by 2027
The European Commission has proposed a gradual phase-out of Russian gas and oil imports into the EU by the end of 2027. The legislative proposal follows last month's REPowerEU road map, paving the way to ensure the EU's full energy independence from Russia. This decision is part of the EU strategy to eliminate vulnerabilities associated with dependence on Russian fossil fuels, thereby increasing its competitiveness. European Commission president Ursulavon der Leyen said: "Russia has repeatedly attempted to blackmail us by weaponising its energy supplies. We have taken clear steps to turn off the tap and end the era of Russian fossil fuels in Europe for good.' The proposal suggests that eliminating Russian gas imports will not significantly impact the economy or jeopardise the security of supply due to alternative global suppliers, a robust interconnected gas market within the union, and sufficient EU import infrastructure. The phase-out will substantially contribute to the objectives of the Competitiveness Compass, the Clean Industrial Deal and the Affordable Energy Action Plan. These initiatives emphasise the economic benefits of a cleaner, independent energy system and support Europe's decarbonisation goals. The proposed regulation outlines a stepwise discontinuation of pipeline gas and liquefied natural gas (LNG) originating from or indirectly exported by Russia. It also includes measures to ensure a complete cessation of Russian oil imports by the end of 2027. Under the proposed ban, new contracts for Russian gas imports will be prohibited, starting 1 January 2026. Existing short-term contracts must end by 17 June 2026, with certain exceptions for land-locked countries reliant on pipeline gas linked to long-term contracts, which are permitted until the end of 2027. All imports under long-term contracts are set to cease by the end of 2027. Additionally, long-term contracts for LNG terminal services involving Russian customers or entities will be banned, freeing up terminal capacity for alternative suppliers and bolstering the resilience of energy markets. "EU plans to stop Russian gas and oil imports by 2027" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Egypt Independent
3 days ago
- Business
- Egypt Independent
Europe takes a big step toward banning Russian oil and gas as Ukraine war drags on
London CNN — The European Union is moving closer to banning all imports of Russian oil and natural gas more than three years after Moscow launched its unprovoked, full-scale invasion of Ukraine. The European Commission, the bloc's executive arm, put forward a legislative proposal Tuesday to gradually ban purchases of Russian natural gas – whether supplied via pipeline or as liquefied natural gas (LNG) on tankers. Under the plan, no new import contracts will be allowed from next year, while imports under existing short-term contracts for most EU member states will have to stop in a year's time and purchases under long-term contracts will be outlawed by the end of 2027. 'Russia has repeatedly attempted to blackmail us by weaponizing its energy supplies,' European Commission President Ursula von der Leyen said in a statement. 'We have taken clear steps to turn off the tap and end the era of Russian fossil fuels in Europe for good.' The proposal also includes a ban on Russian-owned or controlled companies signing up to long-term contracts for the EU's LNG terminal services, ensuring that 'terminal capacity can be redirected to alternative suppliers.' As for oil imports, the commission proposed requiring the member states still importing Moscow's oil to prepare plans to phase out these supplies, aiming at a complete stop by the end of 2027. For example, Hungary and Slovakia were still importing Russian crude oil via pipeline last year, according to an analysis by the Centre for Research on Energy and Clean Air, a research organization. Tuesday's proposal puts meat on the bones of the EU's 'REPowerEU' plan, introduced back in May 2022 to break the bloc's dependence on Russian energy. Hungary and Slovakia, two EU countries with more Russia-friendly governments, have previously threatened to block new rounds of sanctions against Russia. While they have ultimately voted in favor, the European Commission has taken steps to ensure they cannot stand in the way of its latest plan by using trade and energy legislation as the basis for Tuesday's proposal. That way, the new restrictions will become law if they are approved by a 'qualified majority,' meaning that more than half of EU member states representing at least 65 percent of the bloc's population will need to vote in favor. If the plan had been proposed under the EU sanctions rules, it would have required a unanimous vote from all member states. New sanctions The EU drastically slashed its imports of Russian energy after Moscow invaded Ukraine in early 2022. Russia's share of the bloc's total imports of natural gas fell to 19 percent last year, from 45 percent in 2021, according to official EU data. Meanwhile, Moscow accounted for just 3 percent of the EU's total oil imports in 2024, down from 27 percent at the start of 2022. Last week, the EU unveiled a new package of sanctions against Russia – its 18th since Moscow's invasion – designed to further reduce the Kremlin's ability to make money from its oil and gas production. Von der Leyen said the sanctions were necessary 'because strength is the only language that Russia will understand.' The proposed sanctions include lowering the price cap on Russian oil exports from $60 to $45 per barrel and introducing a full transaction ban on Russian banks and other financial institutions in third countries that help Russia circumvent existing Western sanctions. The new package will need to be approved by all of the EU's 27 member states. That could be complicated, given concerns raised previously by some EU countries, such as Hungary and Slovakia, about further sanctions on Russia.
Int'l Business Times
3 days ago
- Business
- Int'l Business Times
EU's REPowerEU Plan Aims to Eliminate Russian Gas and Oil Imports by 2028
The European Union has outlined a comprehensive plan under its REPowerEU initiative to completely phase out imports of Russian gas and oil by the end of 2027, aiming to bolster energy security and market stability across the bloc. According to BFMTV, the European Commission presented the legislative proposal on Oct. 17, 2023. It introduces a phased ban on both pipeline gas and liquefied natural gas (LNG) from Russia, starting with the suspension of all new import contracts signed after October 17, 2023, which will take effect in January 2024. From Jan. 1, 2026, the import of Russian gas under new contracts will be formally prohibited. Short-term existing contracts will expire by June 17, 2026, with exceptions granted only to landlocked countries receiving pipeline gas through long-term agreements, which may continue until the end of 2027. Furthermore, from January 1, 2028, all contracts for LNG terminal services involving Russian clients or entities controlled by Russian firms will be banned. Despite opposition from some member states, including Hungary and Slovakia, the European Commission intends to adopt the regulation via qualified majority voting, bypassing the need for unanimous approval, Mediapart reported. Each EU member state will be required to submit national plans detailing specific measures and milestones to phase out Russian fossil fuel imports. These plans are designed to ensure a coordinated and consistent approach across the EU. "Russia has repeatedly used its energy exports as a tool of coercion," said European Commission President Ursula von der Leyen, as quoted by Il Sole 24 Ore. "We are committed to ending our dependency and closing the chapter on Russian fossil fuels in Europe." Dan Jørgensen, European Commissioner for Energy, added: "The less energy we import from Russia, the more secure and independent Europe becomes." To support the transition, companies holding contracts for Russian gas will be required to disclose them to the European Commission. Importers must also provide customs authorities with comprehensive documentation detailing the gas's route from origin to point of entry into the EU. The European Commission asserts that the EU gas market is sufficiently interconnected and equipped with the infrastructure needed to support this transition. It also notes the availability of alternative suppliers in the global market to maintain energy security and competitiveness, according to Il Sole 24 Ore. Since Russia's invasion of Ukraine in 2022, the EU has significantly reduced its reliance on Russian fossil fuels. Russian gas imports, which accounted for 45% of EU consumption in 2021, have dropped to 19% in 2024 and are projected to decline to 13% in 2025 due to the cessation of gas transit through Ukraine, reported SKAI. Nevertheless, EU member states still spent €23 billion on Russian fossil fuels in 2024, with gas alone comprising €15 billion of that total, BFMTV noted. The Commission, alongside the Agency for the Cooperation of Energy Regulators (ACER), will monitor the implementation and impacts of the transition. Safeguards have been included in the proposal to mitigate gas market volatility and provide legal protections for businesses during the phase-out process. The legislative package will now proceed to negotiations with EU member states and the European Parliament. Approval will require backing from at least 15 out of 27 member countries, representing at least 65% of the EU's population, according to BFMTV.
Irish Times
09-06-2025
- Business
- Irish Times
Energy retrofit measures to be carried out at 28 schools in five counties
Pupils in more than 20 schools, across five counties, will return to find electric car -charging points, as well as heat pumps, LED lighting and mechanical heat recovery ventilation systems after the summer holidays. The 28 schools, in counties Meath , Kildare , Wexford , Wicklow and Offaly are to benefit from deep retrofits that will enhance the 'fabric and airtightness of the schools' and 'greatly enhance comfort and functionality ... while contributing to a lower carbon footprint and reduced energy costs,' said a statement from the Department of Education on Monday. The schools will achieve a Building Energy Rating (BER) of 'at least B', says the Department. The programme is funded by the REPowerEU Pathfinder Programme, funded by the European Union (EU). The programme is part of the EU's plan to rapidly reduce dependence on Russian fossil fuels following the war in Ukraine . READ MORE [ The 'foot may be coming off the action pedal': Climate plan fails to build on ambition Opens in new window ] Minister of Education Helen McEntee said: 'With an overall investment of €86 million, this is a significant investment in schools through the REPowerEU Programme. 'Despite its scale and complexity, it has achieved remarkable progress in a very short time frame. From the appointment of design teams to reaching tender stage within just six months, the pace of delivery has been exceptional.' She said 40 schools had participated in the planning and design stages of the programme.' Their participation has been essential to the success of the programme to date and we fully acknowledge the commitment and effort shown by each school community.' A spokesman said: 'The Department will continue to work closely with the schools, project teams, contractors, and all stakeholders to ensure smooth and timely delivery of the retrofit works over the coming months.' Applicant schools underwent 'a detailed, staged assessment process with final decisions based on key criteria including technical feasibility, value for money, alignment with programme timelines and compatibility with the overall funding envelope', he said.
