Ørsted chief executive officer requires faster renewables release as Gazprom halts gas supply to Danish company

• A decision by Russia's Gazprom to stop providing gas to Ørsted highlights the requirement for the European Union (EU) to speed up renewables deployment, the chief executive officer of the Danish energy business has said.

Gazprom Export has halted the supply of gas today to Ørsted because it has rejected to pay in roubles, the Danish firm revealed. "The scenario underpins the requirement of the EU becoming independent of Russian gas by accelerating the build-out of renewable resource," claimed Ørsted CEO Mads Nipper.

Ørsted said in a statement that it is under no obligation to pay Gazprom Export for gas supplies in roubles, and that it will certainly continue to pay in euros.

There is no gas pipeline straight from Russia to Denmark, suggesting Moscow will certainly not be able to straight halt supplies to the nation, according to Ørsted, which said it anticipates it will be possible to acquire gas on the European market.

Ørsted claimed in a declaration on Monday: "We completely support the passion of the Danish government and also the EU to end up being independent of Russian gas and also to fast-track the green improvement of EU's power market, and also we prepare to aid accelerate the green build-out."

Complying with Moscow's invasion of Ukraine, the European Commission published its REPowerEU strategy last month, which information the EU's strategy of ending up being independent from Russian nonrenewable fuel sources well before 2030.

A dedicated EU Solar Energy Strategy, launched along with REPowerEU, calls for the bloc to "substantially step up a gear" and get to 740GWdc of deployed solar by 2030.

Study firm Wood Mackenzie alerted previously today that REPowerEU could be prevented by higher material and also solar module costs as a "best storm" looms over the PV industry following the pandemic.