Gazprom’s announcement of a latest closure for the Nord Steam I gas pipeline, until further notice, a move that will significantly reduce Russia’s gas supply to Europe, has raised EU concerns to a new high.
In response, an EU crisis team will hold an emergency teleconference meeting today to assess new market conditions resulting from the closure, for an indefinite period, of the Nord Steam I gas pipeline, northern Europe’s main supply route for Russian gas.
Russian gas supply to Europe through Ukraine has already been severely limited.
New measures are likely to be agreed on, to protect EU energy security ahead of winter, at today’s EU crisis team meeting, including moves for energy rationing, seen as an inevitability if Nord Steam I remains closed for an extended period.
“The EU is now in the red zone as further demand reduction needs to take place,” said Thierry Bros, a professor in international energy at Sciences Po in Paris. He estimates an extra 3% of demand needs to be cut.