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The European Union's plan for countries to buy gas jointly could maximise supplies and ensure better contract terms in the coming years, but is unlikely to help in the event of a sudden supply cut off, analysts and EU officials said. Pressure on Europe to secure alternative gas supplies increased on Thursday after Moscow imposed sanctions on European subsidiaries of state-owned Gazprom and Ukraine stopped a gas transit route, pushing prices higher. To become more independent of Russian gas and build a buffer against supply shocks, the EU in April launched a platform to pool demand and jointly buy gas. ....
Russia currently moves 55 billion cubic meters of natural gas per year to Germany on Nord Stream 1. It moves another 40 bcm to Europe through Ukraine's gas transport system and pays transit fees to Ukraine in U.S. dollars. ....
It remains unclear how the European Union (EU) would jointly buy and store natural gas and hydrogen under a plan aimed at reducing dependence on Russian ....
A joint gas purchasing platform could lead to a truly European security of gas supply policy. This would amount to no less than a common energy policy for gas, thereby completing the missing link of the EU energy policy framework for oil and electricity, write Christian Egenhofer and Francesco Gazzoletti. ....