Europe's energy market is entering a challenging period and could face difficulties if the continent experiences a harsh winter, Gazprom CEO Alexei Miller said Monday.
The outlook for the coming months remains uncertain, but a severe drop in temperatures could disrupt Europe's natural gas market, Miller told the state-run Rossiya-24 TV channel.
He added that the available data already indicates potential volatility.
Miller said Russia plans to deliver more than 38 billion cubic meters of natural gas to China this year through the Power of Siberia 1 pipeline.
He emphasized that Russia and China are emerging as the key players shaping the future architecture of the global gas market, with Russia as the largest producer and China as the largest consumer.
Commenting on Europe's energy transition, Miller said the EU had invested heavily in renewable energy and, in some cases, achieved full reliance on renewables for electricity generation. However, he argued that natural factors had exposed vulnerabilities in this strategy.
According to Miller, an Arctic anticyclone brought conditions with little sun and wind, causing renewable output to fall sharply. As a result, he said, Europe’s dependence on traditional hydrocarbons reemerged, marking a setback in its transition efforts.
Miller's remarks came as the European Union has moved to further reduce its reliance on Russian energy, with EU governments agreeing on new rules to phase out imports of Russian natural gas under the bloc's "REPowerEU" strategy.
The proposed regulation would introduce a legally binding, step-by-step ban on both pipeline gas and liquefied natural gas from Russia, with a full prohibition set to take effect on Jan. 1, 2028.
Reporting by Emre Gurkan Abay in Moscow
Writing by Handan Kazanci
Anadolu Agency
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