Russia asked to pump more gas to Europe as energy crisis looms

The International Energy Agency has told Russia to start pumping more gas to Europe as winter energy crisis looms. Russia however is not a member of the IEA and is unlikely to yield to international pressure.

As Europe faces a looming winter of discontent, and the UK may even be looking at a 1970s-style three day week, the Paris based IEA has called on Russia to pump more gas westward. Moscow, which was criticised for running “so-called” state, regional and local elections by the EU, is however unlikely to ramp up supplies even though it could earn the gas-rich country billions of dollars in revenue.

According to the IEA, Russia is fulfilling its long-term contracts with European counterparts but its exports to Europe are down from their 2019 level.

“The IEA believes that Russia could do more to increase gas availability to Europe and ensure storage is filled to adequate levels in preparation for the coming winter heating season. This is also an opportunity for Russia to underscore its credentials as a reliable supplier to the European market,” the IEA said on September 21.

European electricity prices have climbed to their highest levels in over a decade in recent weeks, rising above 100 euros per megawatt-hour in many markets. In Germany and Spain, for example, prices in September have been around three or four times the averages seen in 2019 and 2020.

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