EU leaders again urgently refilling fuel shops for subsequent winter – draft

BRUSSELS, March 15 (Reuters) – European Union international locations ought to instantly begin refilling their fuel shops to arrange for subsequent winter and supply a buffer in opposition to provide shocks, EU nation leaders will say at a summit subsequent week.

Russia’s invasion of Ukraine prompted leaders from the EU’s 27 member international locations to agree final week to section out their reliance on Russian fossil fuels, together with by ramping up liquefied pure fuel (LNG) imports and dashing up deployment of renewable vitality.

A complete phase-out will take years, nevertheless, so international locations are additionally planning measures to mitigate potential disruptions to provide from Russia, which supplies 40% of the EU’s fuel, 27% of its oil imports and 46% of coal imports.

“Refilling of fuel storage throughout the Union ought to begin now. Member States and the Fee will urgently coordinate measures essential to make sure sufficient ranges of fuel storage earlier than the subsequent winter,” stated a draft of the conclusions for an EU leaders summit on March 24-25, seen by Reuters.

The European Fee will suggest guidelines by subsequent month requiring EU international locations to collectively guarantee fuel shops are a minimum of 90% full by Oct. 1 every year. The EU leaders’ draft assertion stated they’d “take ahead” that proposal.

EU fuel shops are at the moment 26% full.

With excessive vitality costs driving up payments for residents throughout Europe, EU leaders will even focus on new measures to cushion shoppers and companies from the prices.

European fuel costs soared to contemporary document highs this month after the invasion, which Russia calls a “particular navy operation.” That value spike adopted months of already-high vitality prices that almost all EU international locations are attempting to deal with with emergency subsidies and tax breaks.

The Fee will publish an in depth plan in Could for EU international locations to drop Russian fuel, oil and coal by 2027. A preliminary plan, printed final week, included a big enhance in LNG imports and tripling EU wind and photo voltaic vitality capability by 2030.

However whereas EU international locations have rallied behind the purpose to desert Russian fossil fuels, they’re cut up over whether or not to sanction Russian oil and fuel. The US, which depends much less on Russian fuels, banned imports of them final week.

Germany and Hungary are among the many EU international locations against sanctions, which they are saying would trigger financial harm. Supporters, corresponding to Poland and Latvia, say the a whole bunch of tens of millions of euros Europe sends Russia per day for vitality provides is financing the warfare.

Reporting by Kate Abnett Enhancing by Marine Strauss and Mark Potter

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