MOSCOW, May 15 (RIA Novosti) – Russian Prime Minister Dmitry Medvedev on Thursday proposed the creation of a coordinated warning system to avoid problems on the global energy market.
“We need a collective early warning system for all issues which can emerge [in energy supplies]. It should in no way reduce the freedoms of behavior of market participants and their unions,” he said.
Such a system should protect the common interests of energy suppliers and consumers and also transit states, Medvedev said, adding that Russia alone cannot tackle such problems.
“We need to unite efforts and persistently study the potential of the leading world organizations in the energy sphere,” Medvedev said.
Russian Energy Minister Alexander Novak has also floated the idea of creating a global energy market regulator that would keep its finger on the pulse of energy networks and compel participants to deliver on their contractual obligations.
The proposal came as Ukraine’s state-run Naftogaz has defaulted on its gas debt to Russia, despite Kiev’s announcement that it is ready to cover the debt at a reduced price.
Russia has switched to an advance payment system in its gas supplies for crisis-hit Ukraine because of $3.5 billion in unpaid bills. If Ukraine fails to prepay for its June gas bill, Russia could halt gas deliveries to the country on June 3.
Russian energy giant Gazprom also fears that Naftogaz could fail to fulfill its commitments on gas transit, siphoning off gas destined for European consumers.
