Norway prepares to limit gas sales to the EU and worsens energy crisis

The Norwegian government has announced that it is planning to reduce energy exports to European Union countries. As one of the continent’s main electricity providers, Oslo’s retreat will further exacerbate the energy crisis that has intensified since Russia invaded Ukraine on 24 February.

This Monday, the Norwegian Minister of Energy, Terje Aasland, said that the country will give priority to the security of its own energy reserves, which, if they fall below the minimum levels established, will lead Norway to suspend the sending of energy abroad.

Norway produces much of its electricity through hydroelectric power plants, so if water levels fall below normal levels, the country will trigger a cut in exports, a possible scenario given that in the spring it rained less than anticipated, according to ‘Bloomberg’.

“In practice, this will imply control mechanisms that limit the possibility of exporting in the event of reduced reserves,” explained the minister to a committee of the Norwegian parliament, quoted by the same media, and the government will work on this mechanism during this week to that can be implemented as quickly as possible.

It should be remembered that Norway, despite not being a member state of the European Union, sends a fifth of the energy it produces to the block of 27, through hydroelectric production and sold at lower prices, so if it stops exporting energy to Europe will suffer another blow to its energy security and one step closer to an unprecedented crisis.

The Norwegian energy sector warns that any cut in energy supplies to the EU must take place in compliance with the rules of the single energy market, of which Norway is a part.

“If there’s one thing we don’t need in difficult times, it’s to erode the cooperation and predictability of energy trade and the flow on which the European energy transition depends,” says Toini Lovseth of EnergiNorge.

However, the Minister of Energy points out that the probability of a cut in the energy supply to the EU is small, but still possible.

Source: With Agencies

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