Austria Sees ‘Massive Risk' From Halt to Russian Gas Flows [BNN Bloomberg (Canada)]
OMV AG BEARER SHS S/ADR (OMVKY)
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Source: BNN Bloomberg
European fuel prices have soared after an incursion by Ukrainian troops near a key cross-border transit point in Russia, prompting energy officials and traders to reassess the probability of a supply interruption. “As long as there is a dependency on Russian gas supplies, there is a massive risk of a corresponding supply failure with far-reaching consequences,” Austria's Energy Ministry wrote late Monday in response to questions. “We must end Austria's dependency on Russian gas supplies as soon as possible.” Austria's ruling coalition has pledged to end Russian gas imports by 2027 as part of a broader transformation of the country's energy system. The government is expected to present a detailed road map ahead of national elections on Sept. 29. Even without Russia gas, Austria has enough pipeline capacity over Italy and Germany to cover more than double its annual demand, according to a government report published in June. Transit capacity will rise to 212 terawatt-hours annual
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