Europe needs regulated gas bank

The CEO of Italy’s Snam said that Europe needs to set up a regulated gas bank to find a solution to the ongoing energy crisis.

"We need a kind of whatever it takes of gas," Snam CEO Marco Alvera said during Sustainable Future Forum Asia.

Alvera explained that using the existing unused storage space, the continent can create this gas bank.

Europe has been witnessing soaring gas prices with some accusing Russia, the main exporter, for using the situation to its gains.

EU's Energy Commissioner, Kadri Simson; however, said that "Our initial assessment suggests that Russia is fulfilling its long-term contracts while not providing any additional supply."