Latest news with #DanJorgensen
The Sun
25-06-2025
- Business
- The Sun
EU eases gas storage rules to prevent price spikes
BRUSSELS: The European Union's member states have reached an agreement with the EU Parliament to loosen the EU's rules on filling gas storage, following concerns that earlier rules on this risked inflating energy prices. The agreement was announced by the European Commission on Tuesday. The EU's gas storage rules were introduced in 2022 to ensure EU countries had a buffer of stored fuel during winter, after Russia cut gas deliveries following its full-scale invasion of Ukraine, sending Europe's gas prices soaring. But governments backed plans in April to soften the rules before winter, over concerns the requirement to fill storage to 90% capacity by November 1 inflates prices, by telling the market European buyers needed to buy large amounts of gas ahead of this deadline. The deal allows the EU's member states to achieve this 90% filling target at any point in time between October 1 and December 1, taking into account the start of the member states withdrawal period. Once the 90% target is met, it should not be required to maintain that level until 1 December. The EU's member states should also have the possibility to deviate by up to ten percentage points from the filling target in case of difficult market conditions, such as indications of speculation hindering cost-effective storage filling. 'The European Union needs stable energy supplies at affordable prices to prosper. Gas storage is a key contributor to our security of supply and market stability. It also protects us from Russia's energy weaponisation and market manipulation,' said EU energy commissioner Dan Jorgensen. 'In the current geopolitical context, this agreement shows that the EU remains determined to shield its citizens and businesses from any risk of supply disruption and price spikes,' he added.
DW
20-06-2025
- Business
- DW
Ban on Russian gas imports a 'powerful move' — Dan Jorgensen – DW – 06/18/2025
06/18/2025 June 18, 2025 The EU plans to ban all Russian gas imports by the end of 2027. The ban falls under the bloc's trade policy remit, so no single government can veto the plans. It will also "stand irrespectively of the situation in Ukraine," says European Energy Commissioner Dan Jorgensen.
Qatar Tribune
17-06-2025
- Business
- Qatar Tribune
EIB funds France-Spain power link
Agencies The European Investment Bank (EIB) on Monday announced 1.6 billion euros ($1.84 billion) of fresh funding for a major electricity interconnection between France and Spain, fulfilling demands by Madrid and Lisbon after the huge April blackout, which raised concerns over the state of power grids in Europe. Experts believe the severity of one of Europe's largest power outages, which paralysed the entire Iberian Peninsula on April 28, could have been mitigated with more interconnections between the neighboring countries. The EIB said it would provide loans to the Spanish and French grid operators, Red Electrica and RTE, for the Bay of Biscay project, which will almost double power exchange capacity from 2,800 to 5,000 megawatts (MW). The interconnection, already under construction and due to start in 2028, will stretch over 400 kilometers. On Monday, the first tranches of 1.2 billion euros were signed at EIB headquarters in Luxembourg in an event involving the bank's president Nadia Calvino, EU energy commissioner Dan Jorgensen and senior French and Spanish officials. The European Union has set an interconnection target for member states of at least 15% of installed electricity production capacity by 2030 to improve the bloc's energy security. The blackout exposed Spain and Portugal's relative lack of interconnections, with support from France and Morocco playing an important role in restoring power.
Russia Today
17-06-2025
- Business
- Russia Today
EU bosses back total Russian gas ban
The European Commission has proposed phasing out all remaining Russian gas imports to the EU by the end of 2027. Energy Commissioner Dan Jorgensen unveiled the plan which would ban new gas contracts with Russia from 2026 and 'full phaseout' a year later, on Tuesday, after it was approved by European Commission President Ursula von der Leyen. The controversial legislation, which is opposed by Hungry, Austria and Slovakia, and reportedly by Italy, is expected to be proposed as trade law that does not require unanimity among bloc members to become law, the Financial Times has reported. Hungarian Foreign Minister Peter Szijjarto called the plan 'absolute insanity,' warning it could fuel price hikes and undermine national sovereignty. Prime Minister Viktor Orban has vowed to block the move. 'Today, we have decided to close the tap on Russian gas,' Jorgensen said in Strasbourg, 'because the less energy we import from Russia, the more security and independence we will have in Europe.' Jorgensen told reporters the phaseout was not linked to the Ukraine conflict but rather because 'Russia has weaponized energy' against the EU. He added: 'Irrespectively of whether there is a peace or not … this ban will still stand.' The proposed regulation will now move through the EU's co-decision legislative process, requiring approval from both the European Parliament and the Council. Unlike sanctions, the proposal would not need unanimous backing from all member states – only a qualified majority in the Council, the Commission said, noting it would continue 'working closely' with governments most affected by the planned phaseout. A reinforced majority means having the support of at least 15 of the EU's 27 member countries, representing at least 65% of the EU's population, according to Reuters. 'Nobody will be able to veto [the proposal],' Jorgensen said, as quoted by media outlets. He warned that those who do not implement the measures would face 'legal consequences as for any other EU legislation.' While pipeline flows have dropped sharply since 2022, EU imports of Russian LNG have soared. Russia supplied 17.5% of the bloc's LNG in 2024, trailing only the US at 45.3%, according to industry data. France, Spain, and Belgium accounted for 85% of the EU's LNG imports from the sanctioned country, according to the Institute for Energy Economics and Financial Analysis (IEEFA). Russia maintains that it is still a reliable supplier, while denouncing Western sanctions and trade restrictions targeting its exports as illegal under international law. The country has successfully shifted exports to 'friendly' markets, it added.
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Business Standard
17-06-2025
- Business
- Business Standard
EU plans legally binding ban on Russian gas imports by end of 2027
The European Commission on Tuesday proposed a legally binding ban on EU imports of Russian gas and liquefied natural gas (LNG) by the end of 2027, using legal measures to ensure the plan cannot be blocked by EU members Hungary and Slovakia. The proposals set out how the European Union plans to fix into law its vow to end decades-old energy relations with Europe's former top gas supplier, made after Moscow's 2022 invasion of Ukraine. First, imports would be banned from January 1, 2026, under any Russian pipeline gas and LNG contracts signed during the remainder of this year. Imports under short-term Russian gas deals - defined as those lasting less than one year - signed before June 17, 2025, would be banned from June 17 next year. Finally, imports under existing long-term Russian contracts would be banned from January 1, 2028, effectively ending the EU's use of Russian gas by this date, the Commission said. Hungary and Slovakia, which still import Russian gas via pipeline and have opposed the EU plans, would have until January 1, 2028, to end their imports, including those on short-term contracts. Companies including TotalEnergies and Spain's Naturgy have Russian LNG contracts extending into the 2030s. EU LNG terminals would also be gradually banned from providing services to Russian customers, and companies importing Russian gas would have to disclose information on their contracts to EU and national authorities, Reuters reported previously. EU energy commissioner Dan Jorgensen said on Monday that the measures were designed to be legally strong enough for companies to invoke the contractual clause of "force majeure" - an unforeseeable event - to break their Russian gas contracts. NO VETO Slovakia and Hungary, which have sought to maintain close political ties with Russia, say switching to alternatives would increase energy prices. They have vowed to block sanctions on Russian energy, which require unanimous approval from all EU countries, and have opposed the ban. To get around this, the Commission based its proposed ban on EU trade and energy law - a legal basis that can be passed with support from a reinforced majority of countries and a majority of the European Parliament. About 19% of Europe's gas still comes from Russia, via the TurkStream pipeline and LNG shipments, down from roughly 45% before 2022. To replace Russian supplies, the EU has signalled it will expand clean energy and could import more U.S. LNG. Spain, Belgium, the Netherlands and France import Russian LNG but have all said they fully support the ban, emphasising that it must be sufficiently robust legally to avoid exposing companies to penalties or arbitration, EU diplomats told Reuters. Lawyers have said it would be difficult to eliminate risk for companies if the EU does not use sanctions. "Arbitration is possible. We expect that some of the contract partners ... may try to use the courts," a Commission official said.
