Gas, fracking, nuclear: Three energy sectors on Europe’s rethink list as war threatens Ukraine

In the fall, when Russia began deploying more than 100,000 troops to Ukrainian border areas, prices for all forms of energy, especially natural gas, rose – and kept rising. The painful energy bills triggered a reassessment of Europe’s energy policies.

Gas from Russia is a fact of life in Europe and has been for decades, with Russian imports generally accounting for a third of the total supply. Most of it is delivered through pipeline by Kremlin-controlled Gazprom. So, in effect, Europe is locked into Russian gas – even more so if the new Nord Stream 2 pipeline from Russia to Germany opens for business . But the story is different for liquefied natural gas , and it is here that Russia may be vulnerable – and becomes its own worst enemy.

“The extra LNG capacity being brought on stream is monumental,” Mr. Sharples said. “American LNG would be the major beneficiary if Gazprom continues withholding volumes from the European spot market, and American supplies would be in even greater demand if Russian pipeline supplies to Europe were to be disrupted because of a geopolitical crisis in Ukraine.

With gas supplies at the centre of the geopolitical tensions over Ukraine, it seems unlikely the fracking bans across Europe can last. Already, 30 Conservative backbenchers in the government of British Prime Minister Boris Johnson are calling for the ban to be scrapped. Other European governments may come under pressure to do so, too.On the last day of December, Germany closed three of its six remaining nuclear power plants. The other three will close at the end of this year.

Source: Energy Industry News (energyindustrynews.net)

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