European Union (EU) long-term natural gas contracts would not be extended after 2049 under a package of legislative proposals put forward by the European Commission (EC) last week to decarbonize EU gas markets, promote hydrogen and reduce methane emissions.  

EU gas storage

The proposals are part of a broader strategy to cut greenhouse gas (GHG) emissions by 55% by 2030 and reach net-zero GHG emissions by 2050.  

“Europe needs to turn the page on fossil fuels and move to cleaner energy sources, “ Executive Vice President for the European Green Deal Frans Timmermans told reporters during a video conference on Dec. 15. 

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The EC’s rationale to end long-term ...