MILAN: The Russia-Ukraine conflict will accelerate a systemic shift in the European energy market, Fitch Ratings said in a new report on Monday. The EU measures announced in March 2022 under the name of REPowerEU primarily aim to reduce the region\u2019s dependence on Russian gas. If the targets are to be achieved then EU consumption of natural gas will have to decline by more than 40% by 2030 (versus a reference level of around 400 billion cubic metres), substantially faster than previously planned, said Fitch Ratings. This acceleration of the energy transition could create risks for utilities in the gas value chain. However, it could also bring opportunities related to the faster development of biomethane and green hydrogen solutions, said the report. The role of politics will remain extremely important for several reasons, including supporting the development of green hydrogen (for as long as is necessary to make it economically viable), simplifying the authorisation process to unlock the full potential of renewables, sponsoring reform of the electricity market, and easing the burden of high electricity and gas prices on customers. TLTP<\/p>\n","protected":false},"excerpt":{"rendered":"
MILAN: The Russia-Ukraine conflict will accelerate a systemic shift in the European energy market, Fitch Ratings said in a new report on Monday. The EU measures announced in March 2022 under the name of REPowerEU primarily aim to reduce the region\u2019s dependence on Russian gas. If the targets are to be achieved then EU consumption […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-259609","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n