Brussels, 07/10/2014 (Agence Europe) - The results from the EU energy system stress tests that Commissioner Günther Oettinger revealed to European energy ministers meeting for an informal work session Monday 6 October in Milan, demonstrate that the EU could manage if its supplies were cut for a month without a problem. This announcement was made by the Italian Undersecretary of State for Economic Development and Energy, Claudio De Vicenti, on Monday. In a backdrop to the Council, he explained that the EU would be able to deal with a short-term shortage of Russian supplies by using its current stocks, LPG import terminals and by diversifying its supplies, “the results of the stress tests indicate we might have a few more problems if the disruption is longer than a month, but we could still cope”.
Definitive interim agreement on Russian-Ukrainian gas dispute this October. Commissioner Oettinger has said that he hopes that Russia and Ukraine will finally seal the interim agreement on 26 September under his mediation and settle their gas dispute this October. In a backdrop to the ministerial meeting, he said that, “we should get the interim solution this October”. The trilateral ministerial meeting between Russia/Ukraine/EU was planned for 3 October in Brussels but was indefinitely postponed. On the same day, however, the Russians announced that a new tripartite meeting had been arranged for 7 October.
The compromise obtained on 26 September to re-establish until April 2015, Russian gas supplies to Ukraine, which had been suspended since the middle of June, still needs to be approved by the Russian and Ukrainian governments. It is based on two payments to be paid by Ukraine by the end of 2014 of part of its debt to Gazprom: a first tranche of $2 billion would have to be paid by the end of October and the second tranche of $1.1 billion by the end of the year. The compromise also includes a delivery by Gazprom of at least 5 billion m3 in gas to the Ukraine over the next six months, in exchange for an early payment by Ukraine at a price of 385 dollars for 1,000 m3, which is $100 less than Gazprom wanted to impose, following the ousting of the former Ukrainian President Viktor Yanukovych but much higher than prices before the change of government in Ukraine ($268.5). The $3.1 billion to be paid by Ukraine corresponds to what is considered as its debt, because Gazprom has been calling for $5.3 billion to be paid back. Ukraine and Russia both went to the Commercial Court of Arbitration in Stockholm and according to the final result of this proceeding will or will not have to complete the payments to which it is committed. (EH)