Brussels, 27 March – Analysis from energy think tank Ember finds that imports of Russian gas to the EU rose by 18% in 2024, despite intentions to phase out Russian energy by 2027. The rise was driven by increased imports into Italy, Czechia and France.
The increase in Russian gas imports comes despite no growth in demand in 2024. Analysis also finds that the EU is planning a 54% increase in LNG import capacity as Member States turn to other foreign suppliers, even though demand is expected to stay flat until 2030 and other solutions are readily available. This risks significant overbuild, with fossil gas supply set to exceed demand by 26% in 2030. This scale of overinvestment (131 bcm) is equal to the combined annual gas demand of Germany, France and Poland.
Gas prices and supplier volatility pose threat to energy security
Ember’s analysis finds that EU gas prices rose by 59% in 2024, following years of price volatility after Russia’s invasion of Ukraine. This puts the European gas price benchmark around double its pre-crisis levels going into 2025.