The European Union: New sanctions against Moscow deprive it of playing a role in global energy markets... future integration of Ukrainian energy markets in the European market
Ukraine informed the European Commission that the situation in the energy system is very complex...and Brussels pledged to support the rebuilding of the energy infrastructure.
- Europe and Arabs
- Tuesday , 7 May 2024 11:35 AM GMT
Brussels: Europe and the Arabs
The European Commission in Brussels said that Energy Commissioner Kedre Simpson discussed on Tuesday with Ukrainian Energy Minister German Galoshenko, during an official visit to Kiev, their cooperation to enhance the flexibility of the Ukrainian energy system and preparations for the next heating season.
Minister Galoshenko emphasized that the situation in the energy system after the massive Russian attacks is very complex:
We have already lost more than 8 gigawatts. But we are working to restore the damaged facilities and we will restore them as much as possible. Urgent solutions also include increasing generation by next winter, especially maneuvering capabilities.
Commissioner Kadri Simson noted that the European Union will support Ukraine in rebuilding energy infrastructure so that industry and households do not face any restrictions on electricity supply. The two parties discussed the needs of the Ukrainian energy sector for equipment that can be provided by European partners. Particular emphasis was placed on financial support, in particular through the mechanisms of the Energy Support Fund of Ukraine created under the supervision of the Energy Community Secretariat. In addition, the importance of interconnection potential between Ukraine and European countries was emphasized, which makes it possible to attract electricity from partner countries to balance the energy system.
Today's meeting also focused on coordinating international cooperation to increase pressure on Russia and remove the aggressor country from global energy markets. Specifically, the Commissioner and Minister discussed terminating the contract to transport Russian gas to Europe later this year. The European Union has been preparing for this for two years. The Commissioner stressed that we know that Russia is an unreliable gas supplier, recalling that Russia has repeatedly manipulated prices in the gas market.
The Commissioner also announced the European Commission's intention to impose a new package of sanctions against Russia.
Minister Galoshenko added: “Sanctions should deprive Russia of the opportunity to be a player in global markets.”
The meeting also focused on the future integration of Ukrainian energy markets into the European market and related regulatory and legal preparations.
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