Although oil has experienced an extraordinary price increase over the past few decades, a turning point has now been reached where scarcity, uncertain supply and high prices will be replaced by abundance, undisturbed availability and suppressed price levels in the decades to come, write Roberto F. Aguilera of Curtin University in Australia and Marian Radetzki of LuleĂ„ University of Technology in Sweden. In this article they provide a synopsis of … [Read more...]
When fuels compete: the new dynamics of global energy markets
For a long time global energy markets were relatively stable, dominated by long-term investment in asset-intensive fuel businesses that rarely competed with one another. Now, rapid change is sweeping across the energy world: fuels are increasingly encroaching on each otherâs territory and the silos of regional markets are breaking down, write Christophe Brognaux and Nicholas Ward of The Boston Consulting Group (BCG). As a result, fundamentally … [Read more...]
Why Ukraine has to reform its gas sector
Ukraine has embarked on âthe mother of all reformsâ: that of the gas sector. This is one of the most important and most difficult reforms Ukraine has to undertake. Yet without the marketisation of gas prices and an improvement in Naftogazâs financial standing, it will be impossible to reform Ukraineâs public finances and end the long-standing economic crisis. Energy sector reform is a central goal of the post-Euromaidan government and indeed the … [Read more...]
Brussels moves against bilateral investment treaties within EU, undermines Energy Charter
The European Commission is stepping up efforts to root out intra-EU investment arbitration cases. Brussels feels it should have sole power over EU investment policy. Yet by doing so it is also putting pressure on the international Energy Charter Treaty, on which many of these cases are based. As a result, while the Commission wants the ECT to expand internationally,  it is undermining support for it at home. Italy recently even pulled out of the … [Read more...]
Caught out by double dip: why the oil glut may lead to a new world of energyÂ
Market watchers were caught out by the recent second slump in oil prices. They thought the bottom had been reached earlier this year. Could we be a witnessing a fundamental shift in the energy industry, wonders energy expert and author Michael T. Klare? "Investment in 'unconventional' projects like Canadian tar sands, ultra-deep Atlantic fields and Arctic oil will largely disappear." … [Read more...]
Saudis could face open revolt at next OPEC meeting
Market watchers assume that Saudi Arabia will not change its oil policy any time soon, which means that oil prices will continue to be in the doldrum for quite some time. However, Dalan McEndree of Oilprice.com points out that the Saudis may well face an open revolt from fellow OPEC members at the next OPEC meeting. They will then be faced with the choice to cut production - or see OPEC fall apart. … [Read more...]
The Eurasian Big Bang: how China and Russia are carving out their own world order
While politicians in the United States are outdoing each other condemning the Iran nuclear agreement, the rest of the world is moving on, writes Asia Times correspondent Pepe Escobar. Virtually unreported by western media, China, Russia, India, Iran and other nations are establishing financial, economic, political and energy infrastructure partnerships that are changing global relations irrevocably. The EU meanwhile is mostly ignored. … [Read more...]
Interview Taner Yildiz, Energy Minister Turkey: “We will ensure security of supply through the market”
Turkey, faced with strong demand growth and high import dependency, is undertaking ambitious projects in new nuclear power, coal power and renewables. In an exclusive interview, Taner Yildiz, Minister of Energy and Natural Resources, explains how the Turkish government is shaping the country's energy strategy, but notes that the private sector will have to make the investments. âHaving put in place a transparent, competitive market structure, I … [Read more...]
The new IAEA-Kazakhstani nuclear fuel bank: key enabler for global expansion of nuclear power
With all the publicity around the Iran nuclear deal, not much attention has been given to an equally significant nuclear move: Â the agreement between the International Atomic Energy Agency (IAEA) with Kazakhstan to establish an independent Low Enriched Uranium (LEU) Fuel Bank. According to energy expert Alan Riley, this initiative could become a key enabler for the worldwide expansion of nuclear power and indeed a key support for a secure future … [Read more...]
“Huge challenge to deliver enough oil and gas for 2ÂșCâ â Statoil on Paris climate talks
In this video for viEUws - the EU Policy Broadcaster - journalist Sonja van Renssen is joined by Jos Delbeke (Director General for Climate Action, European Commission), Kathleen Van Brempt MEP (Vice-president of the S&D Group) and Eirik WĂŠrness (Chief Economist and Vice President, Statoil) to debate the question: âRoad to Paris: can the EU retain its leadership role at COP21?â … [Read more...]
The EUâs climate strategy for Paris: recipe for another failure?
The European Commission has proposed a strategy for the Paris climate talks that includes the aim of achieving a âParis Protocolâ. According to Susanne Dröge and Oliver Geden of the German Institute for International and Security Affairs (SWP) in Berlin, this strategy does not take into account the new global context of the negotiations. They urge the EU to drop the word âprotocolâ, consider how to align the international process with internal EU … [Read more...]
Europe’s gas demand is falling. Doesn’t anybody notice?
Gas demand has consistently been overestimated by EU bodies in recent years, write Dave Jones of Sandbag and Jonathan Gaventa and Manon Dufour of E3G. Even today, with gas demand at its lowest since 1995, the possibility of lower future demand is hardly taken into account. As a result, the EUâs energy security strategy, focused on sourcing more gas, may be misguided. In addition, infrastructure investment may be wasted. Time for a reality check. … [Read more...]
A system of unconnected vessels: the gas market(s) in the Baltic States
An internally integrated gas market independent from Russia is an official goal of the Baltic Statesâ energy policies. Above all the launch of the LNG terminal in Klaipeda, Lithuania, at the end of 2014, was intended to provide an alternative to Russian gas. However, Latvia rejects the opportunity to import gas from Lithuania, and Estonia is pursuing its own projects, including cooperation witn Finland. Â This makes the creation of a regional … [Read more...]
Worldwatch Institute: energy costs rise as national debts grow
Although current oil prices are temporarily low, long-term energy costs are on the rise, reports the Worldwatch Institute in its State of the World 2015Â report. The Worldwatch Institute warns that âhigher energy costs will have ripple effects through economies built around continued large energy-input requirementsâ. … [Read more...]
Heaven belongs to us all – the new papal encyclical
With his encyclical "Laudato Si" the Pope has written more than a moral appeal without obligation. He has presented a pioneering political analysis with great explosive power, which will probably determine the public debate on climate change, poverty and inequality for years to come, argues Brigitte Knopf from the Mercator Research Institute on Global Commons and Climate Change. Through her secular eyes the implications of the encyclical become … [Read more...]
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