Europe fails to achieve its energy targets, Gazprom CEO says

Europe has failed to implement its energy strategies known as “20-20-20 targets” and diversification of gas supplies, IAA PortNews journalist cites Alexey Miller, Chairman of the Gazprom Management Committee, as saying today at the 4th St. Petersburg International Gas Forum (SPIGF).

According to him, the EU has spent over $400 bln for the development of alternative energy sources while the volume of pollutant emissions and energy consumption is growing thus decreasing the competitiveness of the European products.

As for the strategy aimed at diversification of gas supplies, it does not bring any results either, Miller notes. He says LNG terminals in Europe are not loaded due to higher LNG prices in the Asia-Pacific Region.

The attempt to ensure gas supplies through Southern Gas Corridor has proved to be ineffective. This project will give no more than 10 bln cbm per year which is insufficient for Europe, Gazprom CEO believes.

Moreover, Alexey Miller sees no promising future for spot sales due to low marketability of related trading platforms. 

However, Alexey Miller emphasized that Europe is still number one market for Gazprom.