The US, the Commission and other parties involved in the Vertical Corridor project are seeking the best recipe to “marry” politics with the economy, with the data so far confirming the need for more structural interventions.
The narrative of the Vertical Corridor as part of a more comprehensive narrative of alternative routes to Ukraine and the Commission’s official decision to become independent from Russian gas by the fall of 2027, enjoys broad political support and impetus, with the “fundamentals” of the energy market (see cost) and much more of the natural gas market “disapproving” of this choice for the time being, making the entire project “trapped” in a more comprehensive climate of uncertainty fueled by the individual and more comprehensive geopolitical turmoil around the world.
The above, as market sources who spoke to “N” emphasized, determine the agenda of the upcoming meeting on February 24 at the White House on the topic of the Vertical Corridor. At this meeting, the discussion-pressure between high-ranking political officials of the countries involved is expected to focus on two main fronts, with the first concerning the need to conclude long-term contracts and the second the resolution of regulatory issues. Among these, the need for financial support from the Commission stands out, despite the contrary provisions of the European framework for financing natural gas projects during the energy transition.
The meeting is taking place within the framework of the working group established on the issues of the Vertical Corridor at the initiative of Greece and the US Department of Energy, with the main objective of examining all necessary and available interventions in order to make it attractive.
As competent sources pointed out, the Vertical Corridor project makes sense in the context of the new situation created by Europe’s de-dependence on Russian gas, with the gap in the region estimated at around 20 bcm or even more if the Ukrainian storage facilities are taken into account, which represent around 30% of Europe’s storage capacity.
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