So far, I am told in extensive telephone calls with traders, facilitators, lawyers, and an expert on global energy and diplomacy, that fixed contracts are holding firm. Even Gazprom, Russia’s giant energy company, needs to have some security in its gas exports.
Then Europe suffered a wind drought. For most of the summer and the fall, wind speeds have been at some of the lowest levels for the past 60 years.This has brought the stability of the European grid, with its growing wind dependence, into question and has been particularly damaging in the United Kingdom. There, where it was an act of faith that its offshore wind farms were dependable. But starting in April, the wind gave out, even in the North Sea — its gales transformed into zephyrs.
Malta doesn’t have much land for wind farms or utility-scale solar. When it decided to switch from heavy fuel oil to natural gas to fuel its power stations in 2013 , it realized that it needed to do a thorough examination of the perils of life as a gas-dependent nation. The wind shortage this fall has unnerved Europe. Suddenly, gas is seen as vital to the future, not as a resource on the way out the door because of its climate-change impact.
China has become a voracious consumer of global gas supply and much gas that would have gone to Europe has been diverted to the Asian market. The message from the Chinese government has been than gas should be secured at any price to keep China’s industry humming.
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