Gas prices increased 6-10 times in the EU
EU: "Energy prices have risen due to global supply and demand problems. Gas prices in the EU are 6 to 10 times higher than a year ago."
EU High Representative Josep Borrell said, "Energy prices have risen due to global supply and demand problems. Gas prices in the EU are 6 to 10 times higher than a year ago." used the phrase.
High Representative of the European Union (EU) Foreign Relations and Security Policy Josep Borrell stated that gas prices in EU countries are 6 to 10 times higher than a year ago, which increases electricity prices.
Borrell published a blog post on Europe's energy supply security before his two-day US talks.
Reminding that energy has always been among the most important geopolitical issues, Borrell said, "Energy is at the top of our agenda due to the high prices and gas supply problems caused by the crisis with Russia."
Borrell stated that they should take precautions against the pressures experienced in energy and noted that the EU-US Energy Council in Washington will increase transatlantic cooperation in this field.
Noting that energy prices increase inflation, Borrell stated that high energy prices throughout 2022 will increase inflation even more, which will seriously harm the economic recovery.
"Energy prices have risen due to global supply and demand problems. Gas prices in the EU are 6 to 10 times higher than a year ago," Borrell said.
Reminding that natural gas plays an important role in determining the prices in Europe's wholesale electricity market, Borrell said that the increase in gas prices also increased electricity prices.
Reminding that they had a severe crisis with Russia, Borrell stated that energy is not only a price issue, but also a supply security issue.
Explaining that energy policy has always been at the forefront in EU-Russia relations, Borrell said, "More than 40 percent of EU gas imports come from Russia." made its assessment.
Borrell stated that the EU's reduction of gas imports from Russia will not only contribute to the green transformation, but will also reduce Europe's strategic dependence.
Reminding that Russia has increased its resistance against economic sanctions by increasing its foreign exchange reserves in recent years, Borrell said that the EU has not taken much steps to improve its capacity against possible gas cuts.
Borrell noted that the EU urgently needs to increase its strategic gas reserves and develop joint gas purchasing opportunities.
Reminding that Russia has used its energy resources for political purposes in the past, Borrell said, "Although Russia has strictly fulfilled its contractual commitments in recent weeks, the Russian state-owned Gazprom refused to send additional gas to refill European storage facilities, causing more uneasiness in the market." used the phrases.
Borrell, along with the US and other partners, stated that they are against the use of energy supply as a weapon and geopolitical leverage.
Noting that they need to ensure gas supply security, Borrell pointed out the importance of further diversifying their sources for this.
Borrell explained that the USA is currently the largest liquefied natural gas (LNG) supplier in Europe and that they are intensifying their cooperation in this field.
Explaining that the EU has also met with Norway, Qatar, Azerbaijan, Algeria and other countries to increase its LNG supply, Borrell stated that they need to work quickly to integrate the Iberian Peninsula with Europe.
