European Commission targets 15% cut in gas demand by end of March to counter threat of Russian supply cutoff and proposes a mandatory reduction in gas use across the bloc in the event of an EU-wide crisis.
The last-minute discussion comes at a time when a blog post from the International Monetary Fund has warned about the power Russian President Vladimir Putin could wield by weaponizing energy exports and choking off the 27-nation bloc.
Such threats have forced the bloc’s head office to make a plan centered on energy cuts and savings that might make for a much colder winter, but one without massive disruptions. EU nations and the Commission have gone on a buying spree to diversify its natural gas sources away from Russia, but they are still expected to fall far short of providing businesses and homes with enough energy in the cold months.
The energy squeeze is also reviving decades-old political challenges for Europe. While the EU has gained centralized authority over monetary, trade, antitrust and farm policies, national capitals have jealously guarded their powers over energy matters.
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