Ukraine will double its energy exports to Europe as European Union countries face an energy stalemate with Russia amid an international gas crisis.
The European Association for the Cooperation of Transmission System Operators (ENTSO-E) confirmed on Wednesday that it will increase its electricity imports from Ukraine just a month after Kyiv joined the European energy market .
Last month, Ukrainian Energy Minister Herman Halushchenko announced that the European energy system would start exporting electricity through Ukraine’s transmission system, Ukrenergo.
UKRAINE SHOOTS ON EUROPEAN ENERGY MARKET AS Kyiv STARTS EXPORTING ELECTRICITY
Halushchenko said this week that Ukraine could begin to help ease Europe’s energy problems after EU countries agreed on Tuesday to further cut gas consumption by 15% until next winter.
The decision was reportedly taken with the aim of reducing consumption to counter the impact in the event that Moscow completely cut off gas supplies amid increasingly strained Russian-European relations.
The move prompted an immediate reaction from Russia as Moscow cut gas supplies through its Nord Stream 1 pipeline to Germany.
GAZPROM IN RUSSIA REDUCES THE FLOW OF NATURAL GAS TO GERMANY
The pipeline – which served as Russia’s main European gas supplier before President Vladimir Putin’s invasion of Ukraine – saw only a fifth of its gas capacity to Germany on Wednesday.
Dwindling gas supplies have pushed Europe to look for other ways to bolster its gas stocks ahead of the coming fall and winter months.
However, officials remain concerned about rising gasoline prices and the threat of an impending recession.
In March, Ukraine submitted an application to join ENTSO-E, and in June Kyiv was allowed to start exporting energy to Europe, starting with small amounts of electricity to Romania.
Ukraine started exporting to Slovakia this month, and Hungary and Moldova are expected to be the next European nations to receive energy imports.
CLICK HERE TO GET THE FOX NEWS APP
Ukrainian President Volodymyr Zelenskyy said this week that Kyiv hopes to become “one of the guarantors of European energy security”.
“Our exports will not only allow us to increase our foreign exchange earnings but will also help our partners resist Russian energy pressure,” he added.