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First EU meeting for a joint purchase of gas and hydrogen

The Twenty-seven set the goal of filling the strategic gas reserves to 80% of their capacity before October

The EU has this week adopted the fifth package of sanctions against Moscow, which includes the embargo on coal, and the Twenty-seven recognize that, sooner or later, this veto will be extended to oil and gas. In parallel, Europe is advancing in its plans to be more independent from Russian energy and, on this path, the platform for the joint purchase of gas, which held its first virtual meeting yesterday, is key. This mechanism will be key to ensuring the supply of gas, LNG – liquefied natural gas – and hydrogen. The idea is that the entire EU will use its geopolitical influence to purchase affordable energy.

As the Vice President of the Commission, Frans Timmermans, pointed out, the future “is in renewables and, in the short term, in the diversification of supply”. The joint purchasing platform “benefits all countries.” In addition, the replacement of Russian gas will give the EU “more room to manoeuvre”. In its first steps, this platform has set itself the goal of filling the strategic gas reserves, so that they reach 80% of their capacity in October. In addition, from 2023, gas storage must exceed 90%, to ensure supply.

Among the functions of the coordinator will be to improve cooperation with strategic operators. The US has already presented itself as a key ally in the supply of LNG and has promised to send 15,000 million cubic meters this year to Europe. In the long term, however, the EU is committed to the Green Deal and wants to achieve emissions neutrality by 2050.

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