Last week, the European Commission held its first orientation debate on the Energy Union in the college of the Commission. “It was the first time that all commissioners together had an in-depth discussion on the issue. And I can tell you that there was very broad agreement on the main features of the future Energy… Keep reading →
The EU Commission yesterday released the first “Energy Security Stress Tests” in the wake of the Ukraine crisis. On its behalf, the European Network of Transmission System Operators for gas (ENTSOG) modeled two disruption scenarios for a period of one or six months: Complete halt of Russian gas imports to the EU Disruption of Russian… Keep reading →
This detailed, scenario-based analysis considers potential European natural gas supply outcomes this winter. Relations between Moscow and the West have deteriorated to arguably the lowest levels since the Cold War over Russia’s continued aggression in Ukraine. Increasingly strict economic sanctions have been initiated by western governments and intergovernmental organizations against strategic sectors of Russia’s economy… Keep reading →
Outgoing Eni CEO Paolo Scaroni sees the volatile standoff between Western powers and Russia over the Kremlin’s actions in Ukraine as a new low point for European energy security. Italian oil and gas company Eni serves as a conduit for gas sourced from Gazprom and delivered to European customers, a position that could be jeopardized… Keep reading →
The apparent strong-arm tactic may actually indicate Russian weakness. In a letter to leadership in European countries receiving Russian gas that first transits Ukraine, Russian President Vladimir Putin warned that unless immediate steps are taken to ensure Ukrainian national gas company Naftogaz pays in advance for supply, Gazprom could close the valves. The letter states:… Keep reading →
The Brent-WTI spread narrowed further yesterday, with the price differential currently around $6/bbl, as Libya continues to shake up the international oil market. “Libya, the holder of Africa’s biggest crude reserves, has become the smallest producer in the 12-member Organization of Petroleum Exporting Countries after protests halted production and shipments. Output shrank to 250,000 barrels… Keep reading →
Economic sanctions imposed on Russia by the US and EU in response to Crimea’s annexation from Ukraine are beginning to ripple through the energy industry. The South Stream pipeline that would bring Russian gas to Europe bypassing Ukraine was scheduled to start up in 2015. However, the pipeline now faces legal problems as companies involved… Keep reading →
One day after a disputed and widely deemed unlawful referendum in Crimea, the Crimean Parliament declared Crimea’s independence from Ukraine, formally asking Russia to annex it, the New York Times reports. This comes after 96.6% of voters in Crimea support joining Russia. With this, the crisis in the Ukraine hit its peak to date and… Keep reading →
This first of three articles on how Gazprom is attempting to revamp its natural gas export strategy in Europe reviews Germany’s central role in this endeavor with specific focus on the traditional role of underground gas storage facilities. Germany is the second largest natural gas consumer in the EU, closely trailing the United Kingdom. Moreover,… Keep reading →
