The European Commission has agreed to reduce its consumption of natural gas this winter to protect the bloc from further supply constraints by Russia, as Kremlin-owned gas giant Gazprom announced there would be further cuts through the Nord Stream 1 pipeline.
Ministers from 27 member states excluding Hungary backed a voluntary 15% reduction in the use gas over the winter months. The commitment could become mandatory if Russia announced it was shutting down its supply to Europe. The move came after a more stringent rationing regime received opposition from certain member states, including Spain, Portugal and France, who argued rations for economies less reliant on Russian gas were illogical and that Germany should house the greatest burden as it championed reliance on Russia's supply for so many years. Some island nations will remain exempt...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes