EU leaders to debate strategic fuel reserve at summit -Commission

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BRUSSELS, Oct 5 (Reuters) – European Union leaders will focus on later in October the thought of organising an EU strategic fuel reserve and the decoupling of electrical energy costs from fuel costs, the top of the European Commission Ursula von der Leyen mentioned on Tuesday.

Speaking to reporters in Estonia, von der Leyen mentioned the surge in electrical energy costs for European customers was primarily a results of way more costly fuel as world demand has picked up however key European fuel suppliers like Russia, haven’t elevated the availability.

“For gas we are heavily dependent on imports — 90% of gas is being imported. Globally the economies are picking up so demand is rising, but the supply is not rising accordingly. We are very grateful that Norway is stepping up its production, but this does not seem to be the case in Russia,” she mentioned.

Von de Leyen mentioned the EU needed to spend money on renewable sources of vitality as a result of that might make it impartial of imports and stabilise costs. But extra speedy steps can be the topic of the following EU summit on Oct 21-22.

“In the short term, we will discuss in the European Council, not only tonight, but in two weeks in the formal council how to deal with storage, a strategic reserve and we will have a look at the overall price composition of the electricity market because, if electricity prices are high it is because of the high gas prices, and we have to look at the possibility to decouple within the market, because we have much cheaper energy like renewables,” von der Leyen mentioned.

Reporting by Jan Strupczewski

European Commission President Ursula von der Leyen speaks at a new conference during a visit to VTT in Espoo, Finland October 4, 2021. Markku Ulander/Lehtikuva via REUTERS