A “rewriting” of energy trade flows is now underway according to Wood Mackenzie analysts, as Europe's move to wean itself off exports from Russia boosts investment in energy transition and LNG, but increases supply chain risks.
The UK spent around £5 billion on imports of Russian oil, gas and coal in the year to April 2022 according to a House of Commons research briefing, as the government looks to halt supplies by the end of this year.
Over the past few months, Europe has radically accelerated its energy ambitions, placing hydrogen at the centre.
Europe needs new sources of energy, particularly zero carbon energy, while Namibia offers abundant solar and wind. Can hydrogen bridge the gap, providing scope for both to prosper on the route to net zero?
The European Union and Egypt are set to sign a deal later this month on supplying the bloc with gas as the bloc seeks to slash its dependence on Russian supplies, according to a draft document.
Energy ministers from Denmark, Germany, Belgium and the Netherlands have pledged to install at least 150 gigawatts of offshore wind by 2050, in a bid to support the EU’s drive to reduce its use of Russian oil and gas.
The European Union unveiled a raft of measures ranging from boosting renewables and LNG imports to lowering energy demand in its quest to cut dependence on Russian supplies.
Denmark wants to temporarily increase its output of natural gas to help Europe wean itself off Russian energy.
The US and its partners will send an additional 15 billion cubic metres of LNG to Europe this year, US President Joe Biden has said.
With a new energy supply strategy for the UK set to be unveiled shortly, Aberdeen University’s John Underhill says gas storage and ‘joined up’ thinking should be prioritised.
Sky-high oil prices and extreme volatility have exposed the fragility of the world’s dependence on fossil fuels.
Oil prices could nearly double by the summer if more countries follow suit in banning Russian oil imports, analysts have forecast.
The European Union can reduce its demand for Russian gas by two thirds before the end of 2022 and aims to eliminate this dependence entirely before 2030.