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France taking efforts to strengthen EU’s energy independence as gas prices soar

France taking efforts to strengthen EU’s energy independence as gas prices soar

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LUXEMBOURG – France driving the EU to decrease its energy dependence on foreign countries since the prices of gas inflated in the continent. The European Union has been struggling with inflated energy prices in the past few weeks, triggering the Spanish, French, and Greece government to take dramatic actions and reduce the impact on consumers.

The front month price of the gas at Dutch TTF hub, European benchmark rose around 400% since the year start. The energy experts predict this gas spikes as welcoming of the winter season. The finance ministers of Euro Zone discussed the issue on Monday together first time in meeting at Luxembourg. Finance Minister of France said that they don’t wish to rely on the supplies of foreign countries.

The European Union receive maximum natural gas from Russia. In the last year, Moscow registered 43.4% of the European Union’s natural gas after Norway by 20%. Russia is expected to offer natural gas to bloc just after Gazprom lately completed construction on Nord Stream 2 pipeline, a political-charged project specially designed to deliver gas in good amount to European Union through Germany. The Russia’s owned energy giant began filling gas in the pipeline for tests on 4th October 2021.Gazprom is wanting for approval from German regulators to finally open taps.

It is extremely crucial to classify energy supply and decrease European reliability on the gas exporting economies at the earliest, said Le Maire in the previous week. When asked if European Union was dependent on gas from Russia, Paolo Gentiloni, the Europe’s Economy Commissioner said that this issue would be surely raised in the discussions. He also disclosed that the debate between euro zone ministers of finance would also comprise topic like ‘How can the independence be addressed and strengthened, address prices of procurement and different methods of storage?’

National European Union governments, like Spain, have demanded European response for hike in energy prices. The European Commission, executive arm of European Union happened due for stating new ideas about how the bloc will deal with the problem together. The announcement was however postponed. It will take some time more, says Dana Spinant, the deputy chief commissioner’s spokesperson in Brussels as it is a very important matter.

How will The French model be used?

As said by Le Marie, the European Union must follow French way, the one where nuclear energy registers larger part of the industry. This can be attributed to the French Model, which helped to get free of dependence. Nevertheless, the big debate among 27 member bloc that will decide whether nuclear be regarded as the clean energy source. Simultaneously, there is an ongoing issue that high energy costs could disrupt Europe’s Green planning. This is due to consumers that preferably pay higher energy bills, which might affect speedy change to climate neutrality.

It will only reinforce the plan to shift away from fossil fuels, said Europe’s trade chief, Valdis Dombrovskis. Moreover, Gentiloni also said that European Union must coordinate its future actions in this section, but that measures will not contradict the climate plans. The European Union is working the decrease Greenhouse Gas releases by 55% by the end of 2030 and become climate neutral by 2050.

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