Monday 10 October 2022

Gas prices – ‘there’s not much Europe can do in the short term’

For Energy Markets week, I spoke with Gina Cohen, a Natural Gas Consultant for the Technion University in Israel on what the continent can do to combat the ongoing energy crisis.

“There’s not much Europe can do in the short term,” she said.

Gina says that in her opinion, Europe does not have the renewable capacity required to rely on green energy and advocates looking to other markets to buy gas.

Gas prices are sky-high at the minute – and with the Ukraine War, the continent is not happy to continue procuring its energy from Russia.

She explains that other parts of the world are not suffering with rocketing costs, as they continue to buy gas and do so at cheaper rates.

But should the continent sacrifice its net zero agenda to stabilise the market?

We’ve already seen new oil and gas licenses handed out by Liz Truss, with a return to fracking even being on the cards.

This situation is not beneficial to the 2050 goal.

Listen to the full podcast to see what you think!