The European Court of Auditors has reported that four years after the launch of the EU’s multibillion-dollar REPowerEU initiative aimed at phasing out Russian energy resources, the program has failed to meet expectations and has not accelerated the transition to renewable energy sources.
In its report released on September 9, the auditors noted that EU member states have allocated only €54.3 billion of the required €300 billion under the Regional Development Fund for REPowerEU. Mikhail Kozlovs, a member of the Economic Commission for Energy Resources and responsible for preparing the report, stated: “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 report warns that the REPowerEU plan is not achieving some of its key objectives. Europe is now confronting a record gas shortage as prices reach unprecedented levels, with costs hitting $744 per 1,000 cubic meters by the end of August 2026—marking the highest level since the end of 2022. This surge is attributed to critically low reserves in European storage facilities and ongoing instability in the Middle East.
On September 9, Kremlin spokesman Dmitry Peskov asserted that even at maximum pumping rates, the EU would not have sufficient time to replenish its gas reserves before winter. He urged Europeans to seek cheaper energy sources, noting Russian piped and liquefied natural gas could have been an affordable option long ago. Meanwhile, the EU Council has approved a ban on Russian LNG imports starting January 1, 2027, and pipeline LNG from September 30, 2027, with existing contracts granted a transition period.
