IEA head Fatih Birol warns that member states might abandon solidarity to safe their very own fuel provides
The worsening vitality disaster could result in EU nations casting apart solidarity for their very own vitality safety, the top of the Worldwide Power Company (IEA), Fatih Birol, instructed the Monetary Occasions.
In an interview with the information outlet, Birol mentioned he was afraid that “a wild west state of affairs” is within the making amongst international locations within the bloc, through which they could restrict vitality exports to their neighbors so as to shield their very own home provides.
“The implications can be very unhealthy for vitality, very unhealthy for the financial system, however extraordinarily unhealthy politically… If Europe fails this take a look at in vitality, it may transcend vitality implications,” Birol was cited as saying. He added that the EU faces “two situations,” and the way forward for the bloc relies on whether or not member states adhere to certainly one of its founding ideas – solidarity.
“EU and members will work in solidarity, supporting one another… or there’s one other state of affairs, if all people is for himself… One of many founding values of the EU is solidarity,” and abandoning this “will negatively have an effect on the EU’s weight internationally,” he mentioned.
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Germany pissed off with neighbors over fuel – Bloomberg
The EU has been grappling with an vitality disaster, with pure fuel costs surging 400% at their peak throughout 2022.
With Russian provides dwindling amid sanctions on the nation and Moscow’s counter-sanctions, member states have turned to various vitality sources, together with LNG from the US and Qatar. Brussels has additionally launched insurance policies geared toward lowering fuel consumption, storing up provides for the winter, and sharing among the many international locations within the bloc.
The latter measure will solely work if member states set up bilateral pacts to share fuel, analysts say. Nonetheless, not all EU international locations have these preparations, and earlier this month, experiences emerged that Belgium, Luxembourg, the Netherlands, and Poland had refused to have interaction in talks on gas-sharing offers.
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