{"id":545084,"date":"2022-03-02T13:46:25","date_gmt":"2022-03-02T13:46:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/the-ukraine-war-is-forcing-a-rethink-of-energy-supply-markets\/"},"modified":"2022-03-02T13:46:25","modified_gmt":"2022-03-02T13:46:25","slug":"the-ukraine-war-is-forcing-a-rethink-of-energy-supply-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/the-ukraine-war-is-forcing-a-rethink-of-energy-supply-markets\/","title":{"rendered":"The Ukraine war is forcing a rethink of energy supply markets"},"content":{"rendered":"

<\/a> The EU is preparing to redraw its energy supply map as war rages in Ukraine.<\/strong> Europe is reliant on Russia for around a third of its natural gas \u2014 but given Russian President Vladimir Putin\u2019s new status as an out-and-out warmonger<\/a>, the bloc is now looking to change that state of affairs, permanently. The European Commission is set to unveil a plan to reduce reliance on Russian energy imports next week, the New Scientist<\/a> reports.<\/p>\n

The supply switch could take years to enact \u2014 but Europe is also preparing to replace Russian gas fast if need be. <\/strong>The EU is drawing up contingencies for a supply-shock scenario where Russia turns off the gas taps to Europe in retaliation for Western sanctions, Bloomberg<\/a> reports. EU energy ministers earlier this week held an emergency meeting to discuss their energy plan-B if Russian gas drops off the menu, though Russia has made no signs as of yet that it is seriously considering that option.<\/p>\n

Europe would have to cut demand by at least 10-15% if Russia decides to suspend imports altogether<\/strong> \u2014 but if the country fulfills its long-term contracts with the EU, \u201cdepleted storage could easily be replenished before the next heating season,\u201d Bloomberg reports<\/a>, citing a study by Belgium-based think tank Bruegel. That said, making the switch to alternative suppliers won\u2019t come without a cost, which could run as high as EUR 70 bn \u2014 seven times more than in previous years.<\/p>\n

For now, Russian supply continues to flow \u2014 but try telling that to the markets. <\/strong>While Western sanctions have so far spared the vital energy sector<\/a>, uncertainty over the war has sent the price of basic commodities soaring, and oil is no exception. Buyers are reportedly shunning Russian oil altogether, with tenders failing to attract any bids even when offered with deep price reductions, according to Bloomberg<\/a>. Brent crude is currently trading at USD 111.88 per barrel.<\/p>\n

The US is stepping in to try and calm prices:<\/strong> Members of the International Energy Agency will deploy 60 mn barrels of emergency oil stockpiles in a bid to bring prices back down to earth. The US will contribute half the amount from its strategic reserve, President Joe Biden confirmed in his State of the Union<\/a> address last night.<\/p>\n

But don\u2019t expect OPEC+ to do much: <\/strong>The cartel is expected<\/a> to offer another round of gradual supply increases at its meeting today, as members are already struggling to meet production targets as they currently stand. (Plus: Russia is OPEC\u2019s second largest member and will presumably be more than happy to watch its Western foes sweat.)<\/p>\n

Looking ahead, the loss of Russian supply could imperil green targets:<\/strong> Germany is mulling extending use of coal to replace Russian gas, said Robert Habeck, vice chancellor and minister for economy and energy, Bloomberg<\/a> reports. Coal plants in the country \u2014 which gets more than half of its gas from Russia \u2014 could run beyond 2030, when Germany had targeted to phase out the fossil fuel.<\/p>\n

EU leadership has insisted that the best path forward would be to accelerate the use of renewables<\/strong> \u2014 and the plan set to be unveiled next week will reportedly include a target to reduce fossil fuel use by 40% come 2030, according to the Washington Pos<\/a>t. But while Habeck said transitioning to clean energy remains the ultimate goal, his first priority is to release Germany of dependency on Russian supply.<\/p>\n

Algeria has apparently thrown its hat into the ring as an alternative supplier: <\/strong>A Spanish government minister has said the North African nation is ready to step up exports to Europe if supplies from Moscow are disrupted, Bloomberg<\/a> reports \u2014 while pointing out that the OPEC member\u2019s exports have stalled in recent years, and that current capacity is already tied up in long-term contracts with European buyers.<\/p>\n

What about us? <\/strong>Egypt last week held talks<\/a> with the EU over shipping more natural gas to Europe as worries ratcheted up over Ukraine, though we\u2019ve had no word so far on the outcome. Egyptian officials have repeatedly signaled their desire to ramp up gas exports to the continent as a key part of ambitions to become a Mediterranean gas hub. Boosting exports would be good for us, good for the EU, and good for East Mediterranean countries. But with our LNG exports apparently maxed out<\/a> for now, it\u2019s a solution that will take longer than Europe \u2014 and Russia \u2014 might be willing to wait.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EU is preparing to redraw its energy supply map as war rages in Ukraine. Europe is reliant on Russia for around a third of its natural gas \u2014 but given Russian President Vladimir Putin\u2019s new status as an out-and-out warmonger, the bloc is now looking to change that state of affairs, permanently. The European […]<\/p>\n","protected":false},"author":1,"featured_media":545085,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7250],"tags":[93,633,246,643,1095],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macro-picture","tag-energy","tag-enterprisepm","tag-green-economy","tag-macro-picture","tag-russia-ukraine-war","wpautop","entry"],"acf":{"mongo_id":"3606e9c7-127e-43d4-b6f9-ece94d1f63b0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/415.jpg","photo_position":"above","related_issue":[545075],"teaser":"","voice_url":""},"yoast_head":"\nThe Ukraine war is forcing a rethink of energy supply markets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/the-ukraine-war-is-forcing-a-rethink-of-energy-supply-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Ukraine war is forcing a rethink of energy supply markets\" \/>\n<meta property=\"og:description\" content=\"The EU is preparing to redraw its energy supply map as war rages in Ukraine. 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EU Energy Commissioner Kadri Simson met Oil Minister Tarek El Molla on Thursday to discuss energy ties, \u201cincluding in the short and medium\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545419,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/renewable-energy-projects-get-weighed-down-by-russia-ukraine-war-europe-scrambled-to-secure-lng-ships\/","url_meta":{"origin":545084,"position":4},"title":"Renewable energy projects get weighed down by Russia-Ukraine war + Europe scrambled to secure LNG ships","author":"enterpriseam admin","date":"28 March 2022","format":false,"excerpt":"Soaring global inflation on the back of the Russia-Ukraine war is weighing down on renewable energy projects. More expensive raw materials (particularly aluminum and steel), coupled with rising transport costs (thanks to the jump in oil prices), have forced renewables players to grapple with more delays and hike the prices\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/579.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545515,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/ebrd-trims-egypts-growth-outlook-for-2022-finmin-mulling-price-of-oil-in-2022-2023-budget\/","url_meta":{"origin":545084,"position":5},"title":"EBRD trims Egypt\u2019s growth outlook for 2022 + FinMin mulling price of oil in 2022-2023 budget","author":"enterpriseam admin","date":"3 April 2022","format":false,"excerpt":"EBRD trims Egypt 2022 growth outlook on inflation concerns: The European Bank for Reconstruction and Development (EBRD) has downgraded Egypt\u2019s 2022 growth outlook due to rising food and energy price inflation caused by the conflict in Ukraine. The lender expects the economy to grow at a 3.1% clip this year,\u2026","rel":"","context":"In "WAR WATCH"","block_context":{"text":"WAR WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/war-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/82.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545084"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545084\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/545075"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545085"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545084"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545084"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}