The debate is intensifying over how to decouple power prices from the extraordinarily high natural gas prices in Europe. Simona Benedettini and Carlo Stagnaro warn that the current problem of high prices is not caused by the mis-functioning of electricity markets, but by the exceptional trend in gas prices. So should the markets be re-designed at all? Will we lose the benefits of the current design, one being the reliable profits that renewables … [Read more...]
IEA: The Energy Sector is failing Women in employment, pay, career progression and gender equality
A comprehensive report by the IEA is warning that gender wage gaps are greater in the energy sector than in the non-energy sector. Furthermore, the energy sector has a relatively low percentage of female workers compared to other parts of the corporate sector. There is also a lack of career mobility and advancement for women compared to other sectors, which will affect both their attraction and retention. As a consequence, there will be fewer … [Read more...]
As spot market electricity prices break all records, what is the prediction for winter?
Spot market prices for electricity have been breaking all records, as European leaders and their ministers intensify their discussions on how to deal with the crisis. Simon Göss at cr.hub, writing for Energy Brainpool, starts by explaining how the markets work, noting that price rises are indeed being driven by fossil prices and not CO2 certificates. Göss looks at how prices have climbed in Germany, France, the Baltics and Spain, and how the … [Read more...]
Electricity market re-design should focus on the root cause of the crisis, Europeâs dependence on fossil fuels
Amidst the perfect storm of the pandemic, war in Ukraine, and extreme weather events, Bruce Douglas at Eurelectric urges us all not to lose focus on our decarbonisation targets. Energy savings, electrification and renewables are more important than ever to help reduce dependence on fossil fuels. Douglas explains that Europeâs electricity sector remains totally committed to the drive towards clean energy, citing examples. He summarises the … [Read more...]
Donât cap gas prices for consumers. It wonât reduce demand. Instead, subsidies must reward cuts in gas use
European nations are considering capping the price of gas that consumers pay, a subsidy that governments will pay for, to ensure households donât freeze this winter. Daniel Gros at CEPS warns that this strategy will remove the incentive for consumers to cut their gas use, keeping international market prices high. Instead, governments should incentivise a reduction in gas use. Gros has modelled two strategies. The first is to pay households for … [Read more...]
The Nordic Code: offsetting should be used to exceed, not meet, net-zero targets
Kenneth Möllersten and Lars Zetterberg at IVL Swedish Environmental Research Institute and Hanna-Mari Ahonen at Perspectives Climate Research explain the main issues around the draft âNordic Code of Best Practice for Voluntary Compensation of GHGâ, published for consultation in June, which synthesises the most ambitious best practices for the voluntary use of carbon credits, including for offsetting. Focussing on non-state actors, the Nordic Code … [Read more...]
Interpreting the Paris Agreement: the 1.5C and 2C targets are not two different options
Carl-Friedrich Schleussner and Gaurav Ganti at Humboldt University of Berlin, writing for Carbon Brief, want to clear up confusion over the 1.5C and 2C pathways. Their concern is that some people are interpreting the Paris Agreementâs wording as two separate targets, one simply better than the other. But they should not be seen as two different options. The objective of âwell below 2Câ must be seen by modellers and policy-makers as a clear … [Read more...]
âNew Collective Quantified Goalâ: how much should rich nations pay developing nations for climate mitigation?
Is the $100bn a year promised by rich nations to developing ones to assist their climate mitigation plans enough? Almost certainly not, explains Mahlet Eyassu Melkie at Rocky Mountain Institute. That number was pretty much plucked out of the air for political reasons. To come to an evidence-based number, a great deal of assessment, analysis and finally agreement is needed internationally. That process is called the New Collective Quantified Goal … [Read more...]
Implementing Polandâs national Recovery and Resilience Plan
How should Poland implement its national Recovery and Resilience Plan (RRP)? Sonia Buchholtz at Forum Energii outlines some important answers. First, a deep analysis of the challenges and assessment of the solutions and reforms must start now. Buchholtz says though the directions set out in the RRP are correct, the details are out-of-date. Policy reforms and more ambitious targets are needed in all the main areas: energy efficiency and heating; … [Read more...]
How the U.S. can meet its target of halving emissions by 2030
Writing for Carbon Brief, John Bistline at the Electric Power Research Institute summarises his co-authored paper âActions for reducing US emissions at least 50% by 2030â, the target set by the Biden administration. The paper provides detailed projections and actionable insights about the policies and technology deployment needed to achieve this near-term climate goal. Roughly 70-90% of emissions reductions by 2030 must come from the power and … [Read more...]
Net-zero targets delayed by fossil fuel investors suing governments
As nations try to phase out fossil fuels, companies are suing them for compensation. Rachel Thrasher at Boston University, Blake Simmons at Colorado State University and Kyla Tienhaara at Queen's University (Ontario) summarise their latest study of the scale of the payouts. The cases are based on treaties â the Energy Charter Treaty being the most significant - that allow investors to sue governments when policy changes overturn their … [Read more...]
âOptions to Reform the EU ETSâ: coping with price volatility and speculation (event summary)
Sara Stefanini provides a written summary of our panel discussion held on 31st March 2022, âOptions to Reform the EU ETSâ. Itâs a full summary of the 90 minute discussion (with a link to the video), but it begins conveniently with a summary of the highlights, leading with the role of financial players, who they are, the causes of price volatility, what reforms can create stability, and the cost of decarbonisation. The main concern is speculation … [Read more...]
Energy Charter Treaty: four ways to amend it and enable green investments
The European Green Deal (EGD) aims to mobilise at least âŹ1 trillion in sustainable investments over the next decade. But the Energy Charter Treaty (ECT) in its current form - designed to protect cross-border investments, enabling those whose energy projects have been shut down to sue nations â is causing fierce debate. The ECT protects all investment alike, but the result has been fossil (and nuclear) investors suing nations that have curtailed … [Read more...]
Russia-Ukraine crisis: reforming the EU ETS is a matter of energy security, says PGE
European leaders are now rushing to make decisions on how to drastically cut dependence on Russian fossil energy imports. Russiaâs invasion of Ukraine has exposed Europeâs energy security vulnerabilities like nothing else could have. It also means Europeâs clean energy transition will need an overhaul, and a newly designed optimal pathway created, and fast. Wojciech DÄ browski, President at PGE Polska Grupa Energetyczna, explains that it must also … [Read more...]
Reducing Europeâs dependence on Russian Oil and Gas: immediate, short and long term strategy
Atlantic Council Global Energy Center experts and associates offer their template for drastically reducing Europeâs dependence on Russian oil and gas. Itâs broken down into immediate, short (one to three years) and long term (beyond three years) actions. Itâs wide-ranging and comprehensive. Some actions are already in play, including maximising gas storage, ready for next winter. Some are the ramping up of existing plans (clean energy, … [Read more...]
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