After current geopolitical tensions end and trade relations improve, Russia could potentially play the role of a balancing gas supplier in Europe. This opinion was expressed by Skoltech experts. RIA News.
Experts stated that the International Energy Agency (IEA) estimates that gas demand in the European Union decreased by 55 billion cubic meters (13%) last year, falling to 350 billion cubic meters. This is a record number.
At the same time, the document states that in the case of an accelerated energy transition, gas demand in the European Union in 2030 could be at the level of approximately 315 billion cubic meters, and if the status quo continues, it could be just under 400 billion cubic meters.
In this case, Europe’s import niche will be 150-230 billion cubic meters. The European market was “historically the main market” for Russia; the country was supplying up to 150 billion cubic meters of gas there.
However, due to terrorist attacks on the Nord Stream and Nord Stream 2 gas pipelines in 2022, as well as Western sanctions on alternative supply routes, productive cooperation between Russia and Europe has come to a halt.
At the end of last year, Gazprom’s gas supplies to non-CIS countries decreased by approximately 85 billion cubic meters, falling to 100.9 billion. The study adds that almost all of this decline occurred in the European Union.
Previously European Commission announced about plans to phase out Russian gas by the end of the decade.