European leaders announced their plan to end “the EU’s dependence on Russian fossil fuels … and tackl[e] the climate crisis” today. The European Commission’s REPowerEU Plan includes improving energy efficiency requirements, accelerating the build out of renewable energy, and diversifying its sources of methane-based gas. The EU gets 40% of its methane-based gas from Russia and the plan aims to cut purchases from the country committing atrocities across Ukraine by two-thirds by the end of the year. The push to import more liquified methane-based gas from the U.S. is contributing to new long-term contracts with six deals announced in the last five months.
Exporting even more gas would undermine President Biden’s climate and methane-reduction goals. Exporting gas also increases energy prices for families and businesses in the U.S. and with summer heat approaching prices are expected to go even higher. Also today, Belgium, the Netherlands, Germany, and Denmark announced plans to build 150 GW-worth of offshore wind capacity in the North Sea in the next 28 years. (EC plan: AP, Bloomberg $, Euractiv, BusinessGreen, Politico Pro $, Reuters); LNG deals: The Advocate; Gas prices: CNBC; North Sea wind: Reuters, AP; Climate Signals background: Extreme heat and heatwaves)