Russia urged to pump more gas to Europe as energy prices soar
The Paris-based group said in a Established in 1974 by the world’s richest economies in response to an oil embargo by major producers, the IEA monitors global supplies and the transition to sustainable energy sources. Gas prices have risen sharply across Europe as a result of depleted stocks, a strong recovery in demand, in particular from Asia, and low supplies from Russia. Other factors include a particularly cold and long heating season in Europe last winter, and lower wind energy in recent weeks, according to the IEA. Electricity prices are also soaring. In a statement to CNN Business, Gazprom (But the IEA said that the European gas market could face “further stress tests from unplanned outages and sharp cold spells, especially if they occur late in the winter.”The surge in gas, coal and carbon prices in Europe have sent electricity prices to their highest levels in over a decade. In Germany and Spain, prices in September have been around three or four times the averages seen in in the past two years, according to the IEA.IEA executive director Fatih Birol said it would be “inaccurate and misleading” to blame the increase in natural gas prices on the clean energy transition.”Well-managed clean energy transitions are a solution to the issues that we are seeing in gas and electricity markets today — not the cause of them,” he added.
