When Vladimir Putin first invaded Ukraine in 2014, Europeans had a simple choice: increase or decrease their energy dependence on Russian fossil fuels. Europeans chose to increase. National governments like Spain and France could have freed themselves from Russian gas just by implementing their own national building renovation plans. But they chose not to.
The UK is no longer part of the European Union, but it is a critical player in the European gas market. As the EU seeks to reduce its dependence on Russian gas, it relies on proximate non-EU states for access to an alternative gas supply, transport, and transit source. This requires cooperation, not competition or exclusion.
Last March, Spain and Portugal reached a historic agreement: for the first time ever, two European countries could set a price cap on gas for power generation, for a period of twelve months. A period to seek agreements was opened in both countries, which ended on 9 June, when the European Commission gave the final approval to the mechanism. This undoubtedly proves that the current European Union is very different to the European Union we were living in during the financial crisis of the last decade.
We are entering 2022 with the feeling that we have narrowly escaped a shipwreck and are now clinging to a piece of wood – knowing that new waves of the virus may come with their retinue of implications, and looking for references to know in which direction to swim. To set the direction to take, […]