EU plans energy union to reduce Russian reliance

Russia’s stranglehold on European countries will be dramatically reduced, according to a blueprint produced by the EU.

The huge plan of action emerges as Vladimir Putin threatens to cut off gas to Ukraine which would also affect several other countries reliant on Russian energy.

EU countries import more than half of all the energy they consume, which costs a massive €440bn a year or a half percent of its entire GDP. Ireland is even more dependent, importing around 90% of energy needs.

Plans to create an energy union have been languishing for years, but now a detailed plan will be debated by leaders from the 28 countries next month.

A properly joined-up energy system for both electricity and gas, together with more use of renewables, could cut costs to households and business by up to €40bn a year for electricity alone.

Energy will be tackled on four fronts — to reduce dependency through more efficiency and insulation; using more renewables; cutting greenhouse gas emissions; and linking up electricity and gas pipelines so countries can help one another out and use energy more efficiently.

They want countries to interlink their electricity so they can export a minimum of 10%. Ireland, thanks to links to the North and the UK, is up to 9% at the moment.

MEP Sean Kelly said he hopes the push will see the planned LNG terminal at Ballylongford in Shannon proceed. “The Shannon Estuary could serve as an energy hub for Europe.”

Irish authorities say they believe they have hit the target and are at 11% and hope to win funds to build an interconnector with France, and a reverse gas flow pipe with Scotland.