2022-05-11 11:05:00
EUROPEAN ENERGY PLAN $205 BLN
BLOOMBERG - 11 MAY 2022 - The European Union’s executive arm is set to bolster renewables and energy savings goals as part of a 195 billion-euro ($205 billion) plan to end its dependency on Russian fossil fuels by 2027.
The European Commission will propose raising its clean energy target for 2030 to 45% from the current 40% when it puts forward a package to implement its RePowerEU strategy on May 18, according to people familiar with the matter. It will also boost its energy-efficiency goal, requiring member states to reduce energy consumption by at least 13% from projections made in 2020 versus the current 9%.
The EU wants to combine faster deployment of renewables, greater energy savings, diversification of supplies from international partners and new tools to accelerate investment in a bid to replace coal, oil and natural gas from Russia following the country’s invasion of Ukraine. The strategy, which will bolster a Green Deal push for bigger emissions cuts by 2030, can save the bloc 80 billion euros on gas, 12 billion euros on oil and 1.7 billion euros on coal imports a year, the people said.
It is poised to include a target of 10 million tons of domestic renewable hydrogen production and 10 million tons of renewable hydrogen imports by 2030. The objective for biomethane production will be 35 billion tons.
The package may still change before adoption. The commission has a policy of not commenting on draft documents.
To help unlock investment, the commission wants to bring forward financing from the Innovation Fund, which is based on revenues from sales of carbon permits in the EU Emissions Trading System. That will be done in a call for projects this autumn, with the available funding set to double.
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Earlier:
2022, May, 5, 14:35:00
EUROPEAN WIND INVESTMENT €41 BLN, 24.6 GW
19 GW of new wind projects were financed in the European Union, well below the required rate of 32 GW/year to meet the current 40% renewable energy targets by 2030.
2022, April, 29, 12:00:00
EUROPEAN GHG EMISSIONS UP
In 2021, GHG emissions from the power sector rose by more than 8.3%, as the economic recovery fuelled the electricity demand - it returned to its 2019 level - and as the surge in European gas prices incited power generation groups to shift from gas to coal.
2022, April, 28, 14:05:00
EUROPE PLAN TO PAY IN RUBLES
Gas distributors in Germany, Austria, Hungary and Slovakia are planning to open rouble accounts at Gazprombank in Switzerland in order to satisfy a Russian requirement for payments in its own currency
2022, April, 28, 13:50:00
EUROPE WITHOUT RUSSIAN OIL
An oil price cap is one of a number of proposals being discussed as EU ambassadors prepare for talks in coming days about more sanctions on Moscow — the sixth such package since Vladimir Putin ordered the invasion of Ukraine two months ago.
2022, April, 27, 11:45:00
EUROPEAN GAS PRICES UP
"As of the end of the business day on April 26, Gazprom Export had not received payments for gas supplies in April from Bulgargaz (Bulgaria) and PGNiG (Poland) in rubles," Gazprom said in a statement.
2022, April, 11, 13:20:00
EUROPEAN ENERGY PRICES UP
The German year-ahead baseload traded as high as Eur197.75/MWh, a new high for the 2023 contract, while year-ahead coal into Europe traded at $230/mt, EEX and ICE exchange data showed.
2022, April, 8, 10:55:00
EUROPEAN ENERGY COOPERATION
Up until now, Europe has not announced an energy emergency plan. However, the latest figures show that Europe's gas storage capacity is only 26% full.
