BRUSSELS, Sept 23 (NNN-AGENCIES) — The European Commission (EC) launched the third round of gas purchases, to ensure member countries’ needs before winter, as well as avoid dependence on Russian energy supplies.
The EC said it is calling on European companies to submit requests for the total amount of gas by Sept 27. The agency will then search for companies offering on the international market from Oct 3-4. If the transaction is concluded, deliveries are expected to take place from December 2023 to March 2025.
EC Vice President Maros Sefcovic said that the gas market situation is still tense. He said that European Union (EU) countries need to carefully monitor the market so that they can continue to deploy joint gas purchases to ensure stable supply at better prices.
Previously, the EU conducted two international bids to jointly purchase gas, in May and July this year, respectively.
During these two times, European companies participating in the joint purchasing plan submitted requests for a total gas volume of about 27.5 billion cubic meters. However, international bids that meet the EU’s bidding requirements only cover 22.9 billion m3 of gas. This number accounts for only a small portion of the EU’s total gas demand of about 360 billion m3.
The EU’s common gas purchase policy is part of the measures the EU adopted in 2022 to deal with the energy crisis that occurred then.
This policy helps member countries have enough reserves to prepare for winter when Europe’s demand for heating gas peaks.
The EU aims to end its dependence on fuel imported from Russia by 2027. — NNN-AGENCIES
