Italy is turning to coal power to replace Russian gas, while Germany is fast-tracking LNG import terminals and considering extending the life of coal and nuclear plants as the impact of the Ukraine war is felt across Europe’s energy market.
Energy analyst Wood Mackenzie’s head of markets and transitions for Asia Pacific, Prakash Sharma, said the European crisis had made energy security a primary concern across Europe.European gas prices rose about 40 per cent over the past week on the threat of conflict and energy giants BP and Shell are divesting their stake in Russian gas projects.
“Germany has completely overturned every single foreign policy principle that it’s really held for the last 20 years in the space of a week,” Ms Kapetas said pointing to Germany’s decision to fund arms and cut off a long term trade agreement by shelving the Nord Stream 2 gas pipeline with Gazprom. Professor Jotzo said there was also a question mark over Germany’s planned nuclear phase-out, which kicked off in reaction to the 2011 Fukushima disaster, with the last three plants slated to close in 2022.
WTF? Gas is also a fossil fuel?
Gas is a fossil fuel… they are substituting one for another. Do better.
Need some safe spaces? 😢😢
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