Next month, the European Union is planning to take its first steps in the global natural gas market as a group of buyers in an attempt to drive down energy prices.
According to initial estimates, the total demand of 27 countries of the block and three neighboring countries is 24 billion cubic meters. m over the next three years. After the start of the tender in April, the EU expects the first contracts with suppliers from the US, the Middle East and Africa to be signed around June.
Joint gas purchases are a new tool the bloc has adopted to limit the spike in energy prices caused by the cut in Russian supplies following Russia’s invasion of Ukraine. Even though gas and electricity prices are only a fraction of August’s record highs, they still push up consumer inflation and weigh on the competitiveness of local companies against competitors in the US and China.
We obviously need to change the economic situation in Europe, – the agency quotes the vice-president of the European Commission Sefcovic. — I believe that we are creating a new system that will increase competition, attract new suppliers and reduce energy prices.
Šefčović said he sees interest in joint purchases from industrial gas users in sectors such as steel, aluminium, ceramics, glass and automobiles.
On the supply side, more than 50 companies from all over the world are interested in interacting with Europe through the energy platform. After the first tender, the EU will organize additional joint purchases on a regular basis in order to ensure that the bloc has enough gas.
While storage in Europe is still around 61% full, mainly due to a warm winter, attention is already shifting to restocking ahead of the next heating season.
I am categorically against any complacency or feeling that the hard times of last year are behind us, because we do not know what this year has in store for us,” said Šefčović.
Source: Racurs
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