Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

French energy regulator does not expect gas supply problems

Published 03/30/2022, 09:48 AM
Updated 03/30/2022, 09:52 AM
© Reuters. FILE PHOTO: French Finance Minister Bruno Le Maire arrives for a meeting at the Elysee Palace in Paris, France, March 9, 2022. REUTERS/Sarah Meyssonnier/File Photo

PARIS (Reuters) -France should not have any problems with energy supplies, the head of the country's CRE regulatory body said on Wednesday, adding that requests for users to be careful were normal.

Earlier, Germany declared an "early warning" of a possible gas supply emergency which was designed to prepare for the risk of disruption or stoppage of flows from Russia.

"Everything will be fine, the gas storage facilities are well filled, we'll make it through the winter," CRE head Jean-François Carenco told France's BFM TV.

Germany's announcement is the clearest sign yet that the European Union is preparing for supply disruptions after imposing sanction on Russia over its invasion of Ukraine.

The move comes as Moscow plans to introduce a new mechanism to switch payment for its gas to roubles and the European Commission has said it will work closely with EU countries to prepare for possible supply issues.

Laurence Poirier-Dietz, head of France's leading natural gas distribution operator GRDF, told Les Echos newspaper that the country was bracing for possible Russian-linked supply disruption next winter.

"In case there is a total or partial suspension of Russian gas imports, which would be unprecedented, GRDF is ready to take exceptional measures to reduce consumption (...), " she was quoted as saying.

GRDF distributes natural gas to more than 11 million customers every day for heating, cooking, mobility and industrial processes.

Among those customers, only large industrial clients or shopping malls would be asked, if needed, to reduce their demand, Poirier-Dietz said. Individual customers, public services and the military would be exempted from such a move.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Finance Minister Bruno Le Maire told Europe 1 radio that France was preparing for "all possible scenarios", including Russia halting gas exports to Europe.

"We must work on emergency solutions in case this decision is taken, even if this is not the central scenario," he said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.