up to 60 percent cut
Russia last week cut gas supplies to five European Union countries. This includes countries like Germany, which has a huge economy and is heavily dependent on Russian gas for electricity and energy. Russian state energy company Gazprom has cut up to 60 percent of the Nord Stream 1 pipeline running under the Baltic Sea from Russia to Germany. At present, Russia’s supplies to Italy have been cut in half, and countries such as Austria, the Czech Republic and Slovakia have also been severely cut. Germany is dependent on Russia for 35 percent of its gas and Italy for 40 percent of its gas imports.
held responsible for sanctions
Gazprom has said about the gas cuts that Western countries have imposed restrictions on such things, due to which the maintenance of the Nord Stream 1 pipeline is becoming difficult. The company said that gas turbines that were repaired in Canada could not be brought back to Russia due to restrictions imposed by Western countries, due to which the gas supply to European countries has been interrupted.
Europe to get equipment repaired
At the same time, Dmitry Peskov, spokesman for the Kremlin’s office of the Russian President, said that we have enough gas and we are ready to give it too. But Europe is responsible for repairing the equipment. We will start supplying gas to them once they get the equipment done after repairing them. Russia supplies gas to Germany through the Nord Stream One pipeline, from where it goes to other countries.
Underground gas storage
The countries of Europe are doing everything possible to replenish underground gas storage before winter. Refilling storage can also be costly from Russian cuts. Natural gas is used by many energy industries such as glassmakers and steelmakers. Europe’s underground storage is currently 57 percent full. The European Union’s new proposal is for each country to reach 80 percent of the stock by 1 November. Analysts believe that countries like Bulgaria, Hungary and Romania will not be able to meet the 80 per cent target at the current pace. Along with this, countries like Germany, Austria and Slovakia are also going to find it very difficult to store.
European countries’ efforts are insufficient
Before the Ukraine war, European countries were up to 40 percent dependent on Russian gas. Europe plans to cut Russian gas imports by two-thirds by the end of 2022 and completely eliminate dependence on Russian gas by 2027. The goal is to reduce Russian gas worth $850 million every day. Many countries are focusing on renewable energy but this does not seem to be enough. Germany, which is working on a plan to buy coal by 2030, is enacting a law to temporarily restart coal-fired power plants.