The energy crisis triggered by Russia's invasion of Ukraine in 2022 led to soaring gas prices and prompted the EU to diversify its energy supplies, significantly increasing LNG imports from the U.S.

In response to this crisis, the EU has made substantial progress in reducing its dependency on Russian gas, cutting imports from 45% to just 15% of its total supply since the implementation of the REPowerEU Plan.

In 2024, renewable energy sources accounted for 48% of the EU's power generation mix, while nuclear energy contributed 24%, and fossil fuels fell to their lowest share ever at 28%.

Currently, EU gas storage levels are at 37.3% full, but rising demands due to colder-than-average temperatures are impacting wind power generation.

Despite these advancements towards renewable energy, European leaders are now considering a potential resumption of Russian gas imports due to recent spikes in gas prices exacerbated by the colder weather.

In Slovakia, Prime Minister Robert Fico has advocated for restarting gas transit through Ukraine, which could significantly influence regional energy costs and supply.

The pipeline through Slovakia has a capacity of 100 billion cubic meters, and both Russia and Ukraine have shown interest in negotiating future gas deals.

However, Ukraine faces significant economic challenges, with potential losses of up to $1 billion annually in transit fees from Russia, while Gazprom may lose around $5 billion in sales due to reduced gas exports to Europe.