France says winter gas reserves full as Russia accuses West of energy ‘suicide’

‘We are in the best conditions to go through the winter,’ says French minister

The French government has moved to protect consumers in recent months by capping increases in energy prices to 4 per cent (Reuters)

France claims it is well prepared to weather the looming winter energy crisis as the government announced that the country had now filled its strategic gas reserves to their maximum level.

The optimism of the government of Emmanuel Macron was evident just days after Russia announced it had closed the Nord Stream 1 gas link to Europe indefinitely, which prompted fears of shortages and blackouts in the approaching months across the continent.

“Today we have reached the maximum level for our gas reserves ... these gas stocks represent 50 per cent of our winter consumption, so we are in the best conditions to go through the winter,” the energy transition minister, Agnes Pannier-Runacher, told French media.

France traditionally relies on Russia for a little less than a fifth of its gas, far less than some of its European neighbours. Most of the country’s gas comes from Norway.

The French government has moved to protect consumers in recent months by capping increases in energy prices to 4 per cent.

Last week’s decision by Gazprom to close the 1,200km (745-mile) Nord Stream 1 underwater gas link – which runs from under the Baltic Sea near St Petersburg to Germany and can send a maximum of 170 million cubic metres of gas each day – has caused shudders across European capitals, who fear the repercussions of such a move. The company said the extended shutdown of the pipeline was so that it could be repaired.

Western Europe has accused Moscow of weaponising its immense energy reserves in light of the response of European countries to Russia’s invasion of Ukraine in February.

Nations other than France have implemented a range of measures to try to keep costs down, as energy prices set in motion an inflationary spiral, raising the price of other goods. Germany has recently agreed a €65bn (£56bn) package to protect consumers and businesses, while Britain’s new prime minister, Liz Truss, was about to announce a major package of assistance as she took office on Tuesday.

The European Union will announce details of a bloc-wide intervention next week, officials said. An extraordinary meeting of the European Union’s energy ministers will be held in Brussels on Friday to discuss a package of solutions to address the volatility of the energy markets, European commissioner for energy Kadri Simson said. Measures that could be introduced include a temporary capping of prices, as well as coordinated demand-reduction measures.

European nations have made an effort to be creative about energy alternatives. One idea for a short-term fix involves roughly 20 floating terminals that would receive liquefied natural gas from other countries and convert it into natural gas for homes and businesses.

“Right now, in this situation where Russia is using their natural gas supplies as a weapon, we have to take care to secure the supply. And that means that some extraordinary investments are needed,” Ms Simson said. “We are taking responsibility.”

Meanwhile, Russia kept up the war of words over energy on Tuesday, as Moscow accused the United States of fomenting the crisis by pushing European leaders towards the “suicidal” step of cutting economic and energy cooperation with Russia. Foreign ministry spokesperson Maria Zakharova said that “political forces were brought to power in the European Union who are playing the role of ‘sheep-provocateurs’”.

“It is absolute suicide, but it seems they will have to go through this,” she said.

The Kremlin claims that the West triggered the energy crisis by imposing the most severe sanctions in modern history, a step Russian president Vladimir Putin says is akin to a declaration of economic war.

At the same time, Gazprom announced that it had signed an agreement to start switching payments for gas supplied to China to yuan and roubles instead of dollars. The shift is part of a push by Russia to reduce its reliance on the US dollar, the euro, and other currencies.