AIRLINK 204.45 Increased By ▲ 3.55 (1.77%)
BOP 10.09 Decreased By ▼ -0.06 (-0.59%)
CNERGY 6.91 Increased By ▲ 0.03 (0.44%)
FCCL 34.83 Increased By ▲ 0.74 (2.17%)
FFL 17.21 Increased By ▲ 0.23 (1.35%)
FLYNG 24.52 Increased By ▲ 0.48 (2%)
HUBC 137.40 Increased By ▲ 5.70 (4.33%)
HUMNL 13.82 Increased By ▲ 0.06 (0.44%)
KEL 4.91 Increased By ▲ 0.10 (2.08%)
KOSM 6.70 No Change ▼ 0.00 (0%)
MLCF 44.31 Increased By ▲ 0.98 (2.26%)
OGDC 221.91 Increased By ▲ 3.16 (1.44%)
PACE 7.09 Increased By ▲ 0.11 (1.58%)
PAEL 42.97 Increased By ▲ 1.43 (3.44%)
PIAHCLA 17.08 Increased By ▲ 0.01 (0.06%)
PIBTL 8.59 Decreased By ▼ -0.06 (-0.69%)
POWER 9.02 Decreased By ▼ -0.09 (-0.99%)
PPL 190.60 Increased By ▲ 3.48 (1.86%)
PRL 43.04 Increased By ▲ 0.98 (2.33%)
PTC 25.04 Increased By ▲ 0.05 (0.2%)
SEARL 106.41 Increased By ▲ 6.11 (6.09%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 42.91 Increased By ▲ 0.58 (1.37%)
SYM 18.31 Increased By ▲ 0.33 (1.84%)
TELE 9.14 Increased By ▲ 0.03 (0.33%)
TPLP 13.11 Increased By ▲ 0.18 (1.39%)
TRG 68.13 Decreased By ▼ -0.22 (-0.32%)
WAVESAPP 10.24 Decreased By ▼ -0.05 (-0.49%)
WTL 1.87 Increased By ▲ 0.01 (0.54%)
YOUW 4.09 Decreased By ▼ -0.04 (-0.97%)
BR100 12,137 Increased By 188.4 (1.58%)
BR30 37,146 Increased By 778.3 (2.14%)
KSE100 115,272 Increased By 1435.3 (1.26%)
KSE30 36,311 Increased By 549.3 (1.54%)

BRUSSELS: European Union countries are set to approve a weakened emergency EU proposal to curb their gas demand on Tuesday, with opt-outs allowing them to follow different national paths to prepare for Russian supply cuts.

Europe faces a further gas squeeze this week, after Russian’s Gazprom said it would again reduce flows to Europe through the Nord Stream 1 pipeline.

With a dozen EU countries already facing reduced Russian supplies, Brussels has warned that a full cut-off is likely - and is urging countries to prepare by saving gas and storing it for winter.

The European Commission last week proposed emergency rules requiring each country to cut its gas use by 15% from August to March.

The target would be voluntary, but the Commission could make it binding in a supply emergency. However, the plan has faced resistance from a range of governments and countries have redrafted it to include exemptions for numerous countries and industries.

Energy ministers from EU countries meet on Tuesday to approve the final version.

“Member states have to make sure that their targets are feasible given their domestic situation,” a senior EU diplomat said. Another diplomat said ministers appeared likely to approve the plan, now that many had won exemptions or softer rules.

EU approves smallpox vaccine for use against monkeypox

“There should be a broad consensus,” the diplomat said. But others warned that the weakened rules risked countries failing to save enough gas for winter.

While governments including Germany, Europe’s biggest gas user, have upped their energy saving measures, EU countries have reduced their combined gas use by just 5%, despite months of soaring prices and dwindling Russian supplies.

Russia supplied 40% of EU gas before its invasion of Ukraine in late February.

The redrafted proposal would exempt from the binding target countries like Ireland and Malta that are not connected to EU gas networks.

Countries that export gas to others, and those with near-full gas storage, could face weaker targets, while industries such as chemicals and steel could be exempted.

The draft would require a majority of countries to trigger the binding gas cuts, after many opposed the Commission’s original proposal that it have the final say.

The plan has tested EU solidarity, and some states say imposing a single percentage cut across all countries is unfair.

Critics include Spain, which does not rely on Russian gas, and Greece, which says it could cope with a Russian cut-off.

A Polish official said the country would oppose any rules that could allow other EU members to use Polish gas reserves.

Comments

Comments are closed.