Europe must race to replace sanctioned and curtailed Russian energy supply and should double down on efficiency and renewables, including nuclear power, the International Energy Agency (IEA) said on Wednesday.
Gas prices have hit record levels as a slowdown in flows from Russia in recent days has deepened worries over supply in higher-demand winter months.
“In the near term, the scramble for alternative sources of fossil fuels creates clear openings for non-Russian suppliers,” the Paris-based watchdog said in its annual report on investment.
Europe must react to the crisis “with a determined acceleration of investment in efficiency, renewables and other clean technologies,” it added.
The EU and other developed economies have sanctioned Russian oil and coal but have held off on banning gas imports.
Shoring up ageing nuclear infrastructure might provide a respite to soaring power prices and tight supply, the IEA said.
“In light of renewed interest in nuclear power’s role in clean energy transitions, the war has underscored the need to explore options for …
investment in new facilities as well as the reopening of existing (uranium) conversion plants.”