Borrell: global gas price crisis takes a toll on EU

Borrell: global gas price crisis takes a toll on EU

The global gas price crisis has already taken a toll on the EU, EU foreign policy chief Josep Borrell said.

"Energy prices have surged due to global supply and demand issues," he said. "Gas prices in the EU are six to ten times higher than they were a year ago, putting great strains on electricity prices."

Borrell said the price rally spurred inflation in the euro zone in 2021 and could further boost inflation this year, which would "seriously affect the post-pandemic recovery."

EU foreign policy chief said Russia "has already in the past used energy supplies for political purposes."

"In recent weeks, although Russia has been fulfilling strictly its contractual commitments, the Russian-state owned Gazprom has refused to send additional supplies to re-fill European storage facilities, creating further nervousness in the market," he said.

Borrel said the EU intends, over the long term, to seek a solution to its energy needs by a transition to renewable energy. However, in the short term, Brussels will seek to ensure stable gas supply through greater imports of liquefied natural gas, or LNG.

"The US already is Europe’s largest Liquefied Natural Gas (LNG) supplier, and we are intensifying our cooperation to ensure that our gas supplies are safe throughout the months to come," he wrote.

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