EU Set To Discuss Joint Gas Buying In Bid To Cut Russian Reliance

The leaders of the European Union member states are expected to discuss at their summit at the end of May the idea of jointly buying natural gas to avoid competing with each other for non-Russian supply as the EU seeks to cut its dependence on Moscow, Bloomberg reported on Thursday, citing sources with knowledge of the plans.

The European Commission unveiled a plan in early March to reduce EU demand for Russian gas by two-thirds by the end of 2022 and completely by 2030.

The plan, REPowerEU, aims to diversify gas supplies, accelerate the introduction of renewable gases, and replace gas in heat and power generation.

This can reduce the EU’s demand for Russian gas by two-thirds before the end of this year, the commission said.

Joint European action for more affordable, secure energy plan.

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