Economic Challenges Ahead: Austria’s Warning on Quickly Reducing Dependence on Russian Gas

Austria’s Minister of Economic Affairs, Martin Kocher (ÖVP), has issued a warning about the economic consequences of Energy Minister Leonore Gewessler’s (Greens) plans to quickly reduce dependence on Russian gas. According to Kocher, the planned phase-out of Russian gas could lead to significant economic challenges for Austria and other European countries.

Kocher emphasized the importance of finding a smooth transition to alternative gas sources without causing a shortage. He also highlighted that Ukraine will suspend pipelines crossing its territory after the gas transit contract expires in early 2025, which could further complicate matters.

In response, Gewessler has presented a legislative package to the government partner ÖVP that aims to require gas suppliers in Austria to demonstrate an increasing proportion of non-Russian natural gas. However, there are concerns about the practical implementation and potential challenges faced by gas providers in transitioning away from Russian gas.

The ÖVP energy spokeswoman, Tanja Graf, rejected the legislative package proposed by the Greens and urged negotiations with Ukraine to continue gas deliveries from Russia beyond the end of the current contract. The Industrial Association (IV) also called for a consortium to bring Russian gas to Austria through Ukrainian transit pipelines.

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