https://sputnikglobe.com/20211018/current-energy-crisis-driven-by-various-factors-inter-regional-competition-for-gas-wec-says-1089999223.html
Current Energy Crisis Driven by Various Factors, Inter-Regional Competition for Gas, WEC Says
Current Energy Crisis Driven by Various Factors, Inter-Regional Competition for Gas, WEC Says
Sputnik International
MOSCOW (Sputnik), Andrei Savenkov - The ongoing energy crisis in Europe is not caused by geopolitics but is instead a product of multiple factors coming... 18.10.2021, Sputnik International
2021-10-18T06:51+0000
2021-10-18T06:51+0000
2021-10-18T09:15+0000
energy crisis
world
europe
energy
fuel
https://cdn1.img.sputnikglobe.com/img/07e5/09/1c/1089475115_0:67:1280:787_1920x0_80_0_0_32120d59bad3f63f34d127755b653495.jpg
According to the WEC official, gas suppliers around the world have turned to Asia in pursuit of higher prices.She went on to note that the current situation is unlike the energy crises of the past and is a new phenomenon, which demonstrates the importance of looking forward and learning to balance the issues of energy security, equity, and sustainability.Gas prices have been surging across the globe due to demand outpacing supply amid an economic recovery after months of COVID-19 restrictions. To complicate matters further, Asia's shift from coal to gas creates additional competition among buyers.As a result, gas futures in the Dutch TTF hub surged close to $2,000, setting an all-time record for Europe.
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2021
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
https://cdn1.img.sputnikglobe.com/img/07e5/09/1c/1089475115_72:0:1209:853_1920x0_80_0_0_5aa6c484d2dd7b2533f21cb456fcda77.jpgSputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
energy crisis, europe, energy, fuel
energy crisis, europe, energy, fuel
Current Energy Crisis Driven by Various Factors, Inter-Regional Competition for Gas, WEC Says
06:51 GMT 18.10.2021 (Updated: 09:15 GMT 18.10.2021) MOSCOW (Sputnik), Andrei Savenkov - The ongoing energy crisis in Europe is not caused by geopolitics but is instead a product of multiple factors coming together, such as the unexpected return of demand and regions taking the market away from each other, Angela Wilkinson, the secretary-general and CEO of the World Energy Council (WEC), said.
"This isn't a geopolitical crisis, this is a combination of other factors. What's happening in Europe, or in China, or in Oceania, or in Latin America, or in North America, is a combination of a surprise in the return of demand where it's shifted to following the COVID-19 crisis as we come out of lockdown. More energy, more quickly, but different things may be expected in different locations. Asia has gone very big on gas demand. That is taking the market away from Europe", Wilkinson said.
According to the WEC official, gas suppliers around the world have turned to Asia in pursuit of higher prices.
"That's what happens if you rely on the market. 80% of gas contracts are covered by long-term contracts. Those are all being provided, they are all being satisfied, but what didn't happen is Europe didn't invest in a dust buffer during COVID it didn't think it needed one. On top of that, we've had weather. We are experiencing more extreme weather, we are more vulnerable to that, our systems need change", Wilkinson explained.
She went on to note that the current situation is unlike the energy crises of the past and is a new phenomenon, which demonstrates the importance of looking forward and learning to balance the issues of energy security, equity, and sustainability.
Gas prices have been surging across the globe due to demand outpacing supply amid an economic recovery after months of COVID-19 restrictions. To complicate matters further, Asia's shift from coal to gas creates additional competition among buyers.
As a result, gas futures in the Dutch TTF hub surged close to $2,000, setting an all-time record for Europe.