The European Court of Auditors has warned that the EU still has much to do to be fully prepared for a potential new gas crisis. Despite emergency measures taken in response to Russia’s use of gas supplies as a weapon, the benefits of these actions are not always clear. The EU must address new challenges to ensure long-term security of gas supply, such as increased dependence on liquefied natural gas (LNG) and the need to decarbonize gas consumption.
The abandonment of Russian gas imports in 2021 led to a supply crisis and increased gas prices, prompting EU countries to subsidize gas and electricity prices to reduce the impact on families and businesses. By the end of 2023, the EU had diversified its gas supply sources, stabilizing prices by 2024. The ECA member responsible for the audit emphasized the importance of maintaining security of supply given the EU’s dependency on foreign gas.
During the crisis, the EU reduced gas demand by 15% and met targets for filling gas storage facilities. However, the effectiveness of measures like gas price caps and the AggregateEU platform remains unclear. Looking ahead, the EU must address affordability of gas and ensure member states are willing to cooperate in emergency situations. Progress on carbon capture, storage, and utilization (CCUS) is also crucial for the EU’s long-term security of supply.
The EU needs to prioritize reducing carbon emissions from gas consumption and increase investments in CCUS projects to meet climate objectives. The challenge of achieving the EU’s climate targets by 2050 highlights the importance of sustainable gas consumption practices. In conclusion, the EU must continue to address vulnerabilities in its gas supply chain while supporting the transition to a more sustainable energy system.