- Plan aims to gut Russian gas use by nearly two-thirds within a year and end imports 'well before 2030'
- LNG and gas from other countries could replace more than a third of Russian gas imports this year
- Turning down thermostats by 1-degree C could save 10 BCM of gas demand this year
- To propose by April requirement for countries to fill gas storage by 90% by Oct 1 each year
- EU countries can tax energy firms' windfall profits from higher prices to raise money to offset higher prices
This is some pie-in-the-sky garbage. Global LNG production is going flat-out; there's zero spare capacity. Sure, the Europe fill storage if it gets all the world's LNG but what about Asia and the rest of the world? Meanwhile, putting on an Oct 1 deadline means the market will absolutely stay tight through then.
The worst part of this is taxing windfall profits. All that's going to do is crush incentives to drill more in Europe.