International Energy Agency warns Europe of insufficient supplies to see through winter

Synopsis

The International Energy Agency warns that the EU's efforts to reduce reliance on Russian gas are insufficient, predicting a gas supply shortfall for the winter if Russia halts deliveries. This warning coincides with Gazprom's declaration of force majeure on the Nord Stream 1 pipeline to Germany, citing extraordinary circumstances. In response, Germany considers extending the operation of its remaining nuclear power plants to mitigate the crisis. Additionally, the EU signs an agreement with Azerbaijan to double gas imports, aiming to increase supply from 8 billion cubic meters to 20 billion cubic meters annually through the Southern Gas Corridor. Despite these efforts, the IEA emphasizes that gas imports from all sources outside of Russia will not be enough to replace the 155 billion cubic meters of natural gas that Russia supplied to the EU in 2021.