Episode
75

The 2023 European Energy Market with Henning Gloystein

March 8, 2023
|
Duration:
2454674
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In This Episode:

Join David Arkell, John Pooley, Lysandra Naom, and Henning Gloystein Director of Energy & Natural Resources at Eurasia Group on an episode all about the European energy market today. This episode features their current energy market, the impact of the Ukraine war, the role of renewables and LNG, and more. Check out our 360 Carbon Excellence Program.

Highlights

  • Loss of Russian Energy Supplies:
    Europe has lost around 90% of its energy imports from Russia, including oil, natural gas, and coal. The European Union has coped through efficiency measures, shifting to alternative suppliers, and new energy-saving policies.
  • Increased Energy Costs and Tight Margins:
    Energy prices soared during the winter of 2022-2023, but Europe managed to avoid blackouts. However, prices are expected to remain high as Europe competes globally for fuel imports and invests in new infrastructure.
  • Government Support and Public Funding:
    European governments have provided substantial subsidies and direct payments to help households and industries cope with high energy costs. This spending level, however, is unsustainable long-term.
  • Global Impact of European Demand:
    Europe’s competition for energy, especially LNG, has impacted other regions, such as Southeast Asia, by driving up global prices, showcasing the interconnectedness of energy markets.
  • Push for Renewables:
    Despite the immediate need for fossil fuels, Europe is accelerating its shift toward renewable energy and localized energy sources to avoid future crises, with investments in infrastructure like LNG terminals and energy efficiency measures.

    • Key Insights

    • Long-Term Energy Transition and Security:
      European countries aim to achieve energy security through the adoption of renewables and improved energy efficiency, which will reduce dependency on volatile fossil fuel markets.
    • Challenges in Maintaining Price Stability:
      Although Europe’s shift away from Russian fuels has helped stabilize supplies, reliance on global markets has kept prices high, demonstrating the need for a diversified and resilient energy strategy.
    • Role of Energy Efficiency in Crisis Response:
      European industries, especially in Germany, have implemented substantial energy-saving measures that reduced natural gas consumption without major production losses, providing a model for future efficiency gains.
    • Economic and Political Commitment:
      The crisis has prompted European governments to prioritize energy security as part of national security, fostering collaboration across industries and governments to sustain energy resilience.
    • Innovation and Infrastructure:
      Building LNG terminals within months, as seen in Germany and the Netherlands, highlights Europe’s rapid response capabilities and commitment to diversifying energy sources while pursuing Net Zero targets.
    Share this story
    Energy Markets
    Natural Gas
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    Renewable Energy
    Energy Transition
    Energy Security
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    Energy Efficiency
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