The impact of Ukraine-Russia crisis on the European gas market.

Size: px
Start display at page:

Download "The impact of Ukraine-Russia crisis on the European gas market. www.sundenergy.com"

Transcription

1 The impact of Ukraine-Russia crisis on the European gas market Sergiu Maznic Vienna, 11 March 2015

2 Full-picture perspective Sund Energy helps navigate into the energy future Energy Economics Environment Learning between countries, industries, energies, technologies and more by understanding the full picture of stakeholders and using our large network in creating opportunities Page 2

3 The well-known angle we hear in the EU Russia from a potential energy partner to a major SoS risk Before Russia and the EU holding partnership talks. Russia to become an energy partner for the EU. The EU needs more gas amid an increasing demand. Gas wars in Ukraine affect Europe. Gazprom is seen being nasty and unreliable. Gas is being used as a political weapon by Putin. The war in Ukraine makes Russia unpredictable and therefore no country in the EU should depend on Russian gas. Urgent need to diversify imports, build more interconnectors, etc The new projects to China will give Russia more leverage for threatening the EU Page 3

4 A very different perspective from Russia The story told in the Russian media and believed by many We are the biggest gas producer in the world and deserve some respect We built pipelines, we diversified supply routes, we were promised TPA for Nord Stream, we are complying with EU wishes for infrastructure and SoS And now, our offices are being raided. We are seen as evil by Brussels We will just sell you gas at the border and you can take it from there if you want (South Stream became Turk Stream) Page 4

5 Long-term change in Gazprom s strategy in Europe? South Stream is dead! Long live Turk Stream! Turkey is the new friend now Gazprom abandons direct sales to the end-customer The principle of our strategy in relation to the European market is changing. The decision on stopping South Stream is the beginning of an end to our operation model of the market within which we oriented ourselves towards supplying [gas] to the end consumer But you can t win love by force. If the buyer doesn t want the purchase to be delivered home, well then perhaps he needs to get dressed and go to the store, and if it happens in winter, get dressed warmer. Well he could also take some package which can well be the Third Energy Package, but what counts most is that it should not be empty. In our case the store is certainly the delivery point on the Turkish-Greek border. Alexey Miller, Gazprom, December 2014 Alexey Miller, Gazprom, and Mehmet Konuk, Botas Page 5

6 Chinese deal - political or commercial? The deal was signed soon after the take-over of the Crimea The volumes are a small compared to total EU exports But very large for a single contract estimated value $400bn! Who is benefiting the most? Will China profit from a potential energy war EU-Russia? Sources: FT; RT, 2014 Page 6

7 Bcm/yr EU has long been concerned about growing imports 600 Main EU gas producers falling overall gas demand rising before stagnating Germany, Italy, Netherlands UK & Denmark (1973) Poland (2004) Romania (2007) Total EU demand Source: Sund Energy, BP 2015 The growing gap looked scary only a decade ago Few expected a stagnating or even declining demand Norwegian production was set to decline and expensive LNG Russia was seen as a potential energy partner for the EU Page 7

8 EU s policy aiming to reduce dependency on Russia Focus on renewables, energy efficiency and domestic production Increase the share of renewable energy and energy efficiency (27%) Both of these targets means less imported gas, from anywhere Security of supply on top in EU s new energy security strategy Short-, medium- and long-term actions to reduce dependency on Russia Stress tests for supply disruptions Requests for closer cooperation with Norway What are the options, and what is it worth? Reduced gas demand is already happening Several reasons, but reduces vulnerability overall There is no shortage of gas, globally Other sources could be considered Especially LNG now cheaper than before More interconnections Sharing infrastructure such as storage and LNG facilities Page 8

9 In the end money beats politics, or at least go together Gas is flowing through Ukraine, despite the violent war It is in everyone s best interest to avoid disruptions, at least for now: Revenues for Gazprom and avoiding non-delivery penalties Tax for Russian government in tough times economically Stable prices for the European buyers Transit fees for Ukraine European buyers will choose the cheapest gas and this is the main weakness of Tusk s vision E.ON, RWE were always optimising between different suppliers choosing the cheapest Furthermore, there are take-or-pay obligations for many years ahead Source: T. Mitrova, Singapore, 2015 Page 9

10 New beginning for Lithuania a great example One of the most dependent on Russia in the EU All gas (and a large part of electricity) from Russia Few alternatives, high price (much higher than Germany) New LNG import terminal in Klaipeda a tool to facilitate more competition To create an alternative source of supply of natural gas And different pricing mechanism (NBP linked) Eliminate dependence on the sole external gas supplier Gazprom Successful in renegotiating its gas contracts with Gazprom Achieved 20% discount, amounting to approx.. 50 million saving per year Covering the terminal cost fast Strengthening the bargaining position is more important than turning the back to Gazprom! Page 10

11 Hubs are not the magic solution to everything Hubs are in general seen as good an alternative to Gazprom s oil-link But it is a different product with no flexibility for the buyer and more volatility Often less comfortable, especially for politicians Spot markets in the EU have been little impacted by Russia, this time Disruptions from Norway have been more visible (short term price increases) Or decision to decrease output of main Dutch gas field Cold snap of February 2012 Hub - Dutch TTF ( /MWh) Cold snap of 2013 Oversupply? Page 11

12 What next? Unbundling, liberalisation? The road from subsidies to market prices is difficult Ukraine is eliminating subsidies for gas, as part of a deal with IMF The change can be slow and painful for the Ukrainian people Sudden increase in retails prices Exchange rate worsens the problem Romania is another, less extreme example Postponed several times since joining the EU Latest update: End of regulated domestic prices by 2021 Not easy to adapt to the new mentality Regulated prices gave control, which is comfortable after so many years with state control Gas consumers (both industry and households) will suffer from higher prices Source: Interfax, 2015 Page 12

13 We are happy to discuss further We offer strategic /commercial advice and partner selection Producers, TSOs, large buyers, governments Gas, electricity, environment and more Karen Sund Sergiu Maznic Meltzersgate 4 N-0257 Oslo Norway Page 13

Is fracking cracking the renewable industry? How big a threat is shale gas to renewables?

Is fracking cracking the renewable industry? How big a threat is shale gas to renewables? Is fracking cracking the renewable industry? How big a threat is shale gas to renewables? Infrastructure Investor: Renewable Energy Forum 2012 London, 30 th October 2012 Dragoș Tâlvescu on behalf Karen

More information

The Economic Aspect: Gas prices today and going forward, wholesale and impact on retail prices for LNG as a bunkering fuel

The Economic Aspect: Gas prices today and going forward, wholesale and impact on retail prices for LNG as a bunkering fuel The Economic Aspect: Gas prices today and going forward, wholesale and impact on retail prices for LNG as a bunkering fuel Small-scale LNG distribution for coastal and short-sea shipping Denmark May 2014

More information

How LNG Promises to Change Natural Gas Markets and how the markets are already changing LNG!

How LNG Promises to Change Natural Gas Markets and how the markets are already changing LNG! How LNG Promises to Change Natural Gas Markets and how the markets are already changing LNG! LNG Opportunities Seminar, DnB markets and the Canadian Embassy Oslo 4 th December 2014 Karen Sund Full-picture

More information

LNG bunkering market perspectives, challenges and trends

LNG bunkering market perspectives, challenges and trends LNG bunkering market perspectives, challenges and trends Moscow 31 March 2015 Sergiu Maznic Full-picture perspective Sund Energy helps navigate into the energy future Energy Economics Environment Learning

More information

Energy security in the EU through an Energy Union

Energy security in the EU through an Energy Union Energy security in the EU through an Energy Union Fabio Genoese Madrid, 19 January 2015 Thinking ahead for Europe Centre for European Policy Studies (CEPS) www.ceps.eu Key messages 1. Reduce the fragmentation

More information

Information Services

Information Services Information Services The Gas Strategies Interview: Vladimir Drebentsov, head of Russia and CIS economics BP March 2015 The Gas Strategies Interview: Vladimir Drebentsov, head of Russia and CIS economics

More information

OVERVIEW OF GAS SUPPLY TO EUROPE. Andrew Potter World Bioenergy Association

OVERVIEW OF GAS SUPPLY TO EUROPE. Andrew Potter World Bioenergy Association OVERVIEW OF GAS SUPPLY TO EUROPE Andrew Potter World Bioenergy Association EU Gas Consumption 1965-2007 In 2011 natural gas covered 24% of the primary energy supply in EU 27. The total primary energy demand

More information

European Strategies on Gas Supply Security

European Strategies on Gas Supply Security European Strategies on Gas Supply Security Koji Fujishima * Summary European countries employ different strategies on gas supply security depending on the time scale: while their short-term strategies

More information

Preparing for Changes in Market Design

Preparing for Changes in Market Design Preparing for Changes in Market Design EMART Conference Didier Lebout, Strategy and Development Director Gazprom Marketing and Trading France Amsterdam, 21 November 2012 In this presentation GM&T Ltd:

More information

Russia s gas sector and gas export developments. Marc-Antoine Eyl-Mazzega June 2015

Russia s gas sector and gas export developments. Marc-Antoine Eyl-Mazzega June 2015 Russia s gas sector and gas export developments Marc-Antoine Eyl-Mazzega June 215 IEA: 29 Members, worldwide engagement IEA member countries Accession country Key Partner countries Countries co-operating

More information

Gas Supply Security in the Energy Union

Gas Supply Security in the Energy Union Gas Supply Security in the Energy Union 6 October 2015, Berlin Adam Janczak Deputy Director of the EU Economic Department Polish Ministry of Foreign Affairs Russian gas prices in Europe (USD/tcm in 2014)

More information

Russian Gas and European Energy Security : Beyond Clichés

Russian Gas and European Energy Security : Beyond Clichés Russian Gas and European Energy Security : Beyond Clichés World Energy Council Workshop Energy Vulnerabilities in Europe Didier Lebout, Strategy and Development Director Gazprom Marketing and Trading France

More information

Date : 26.12.2008 Source : Upstream Online

Date : 26.12.2008 Source : Upstream Online Turkey eyes Iraqi gas transport deal Date : 26.12.2008 Source : Upstream Online http://www.upstreamonline.com/incoming/article168758.ece 26.12.2008 Turkey s Energy Minister Hilmi Güler will shortly visit

More information

EU gas hub development and a comparison with US Henry Hub

EU gas hub development and a comparison with US Henry Hub EU gas hub development and a comparison with US Henry Hub Dennis Hesseling, Head of Gas Department EU US Energy Regulatory Round table Madrid, April 26 2016 Objectives Objectives for today.highlight diversity

More information

Poland must fully transpose the Third Energy Package Directives without further delay to liberalise the electricity and gas markets.

Poland must fully transpose the Third Energy Package Directives without further delay to liberalise the electricity and gas markets. Poland Key Issues + With regard to electricity, coal is still the main source of fuel for power generation. Poland's generating capacity is ageing, and the country needs better incentives for investment

More information

Slovakia. Key issues. 1. General overview

Slovakia. Key issues. 1. General overview Slovakia Key issues Slovakia should enhance the independence of national regulatory authority and ensure its accountability. Slovakia should promote a regulatory framework conducive to investment in and

More information

Natural Gas as Solid Foundation for Russia-Italy Economic Cooperation

Natural Gas as Solid Foundation for Russia-Italy Economic Cooperation Natural Gas as Solid Foundation for Russia-Italy Economic Cooperation Sergei Komlev Head of Contract Structuring and Price Formation Gazprom Export Italy-Russia Industry Seminar, Milano, February 26, 2014

More information

1. EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS

1. EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS 1. EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS EXECUTIVE SUMMARY Energy policy in Greece has the potential to make a significant contribution to the country s economic recovery. Increasing competition and

More information

Latest EU energy policy developments

Latest EU energy policy developments Latest EU energy policy developments Alexandra Sombsthay DG Energy European Commission 1. European Energy Security Strategy On 28 May 2014 the European Commission has released the EU Energy Security Strategy

More information

ICIS Power Index Q1 2015 Global gas oversupply pushes down prices

ICIS Power Index Q1 2015 Global gas oversupply pushes down prices Highlights l UK wholesale electricity market prices hit their lowest levels since the IPI has been calculated, because of global gas oversupply. l UK markets are now much more influenced by global gas

More information

Annex 2C International comparisons of gas and electricity prices

Annex 2C International comparisons of gas and electricity prices Annex 2C International comparisons of gas and electricity prices Wholesale gas prices in the UK have risen between 23 and 24. This has caused industrial and domestic gas prices to increase and the gap

More information

Oil & Gas Conference - Cheuvreux October 14 th, 2011

Oil & Gas Conference - Cheuvreux October 14 th, 2011 LNG terminal Montoir, France Oil & Gas Conference - Cheuvreux October 14 th, 2011 Jean - Marie DAUGER Executive Vice-President, in charge of the Global Gas & LNG Business line DISCLAIMER Forward-Looking

More information

Competition pipeline gas vs LNG in Europe

Competition pipeline gas vs LNG in Europe 17 th INTERNATIONAL CONFERENCE & EXHIBITION ON 17 th INTERNATIONAL CONFERENCE & EXHIBITION LIQUEFIED NATURAL GAS (LNG 17) ON LIQUEFIED NATURAL GAS (LNG 17) Competition pipeline gas vs LNG in Europe

More information

Future possible uses of renewable energy in the V4 countries

Future possible uses of renewable energy in the V4 countries Future possible uses of renewable energy in the V4 countries Róbert Magda Szent István University Institute of Economics, Law and Methodology, Department of Microeconomics Páter Károly út 1. H-2100 Gödöllő,

More information

The Evolution of the Gas Industry: The Impact on Infrastructure Investments. Daniele De Giovanni SVP Supply Portfolio Development eni Gas & Power

The Evolution of the Gas Industry: The Impact on Infrastructure Investments. Daniele De Giovanni SVP Supply Portfolio Development eni Gas & Power The Evolution of the Gas Industry: The Impact on Infrastructure Investments Daniele De Giovanni SVP Supply Portfolio Development eni Gas & Power 1 Index The role of infrastructure investments in the European

More information

The impact of EU law on Gazprom and its implications

The impact of EU law on Gazprom and its implications Platts 7th European Gas Summit, Vienna The impact of EU law on Gazprom and its implications Dr. Jonas Grätz Center for Security Studies (CSS) 1 Dr. Jonas Grätz 20. September 2013 Theses 1. The EU s key

More information

Lithuania. Key issues. 1. General overview

Lithuania. Key issues. 1. General overview Lithuania Key issues Lithuania remains highly dependent on electricity imports, particularly from the Russian Federation. Interconnectors with Sweden and Poland have to be completed so as to decrease the

More information

THE EU GAS SUPPLY ENVIRONMENT. An Obstacle to Competition? Dick de Jong, CIEP February 2007

THE EU GAS SUPPLY ENVIRONMENT. An Obstacle to Competition? Dick de Jong, CIEP February 2007 THE EU GAS SUPPLY ENVIRONMENT An Obstacle to Competition? Dick de Jong, CIEP February 2007 Today s Market:Some Observations High gas prices should attract new supplies. Sellers market does not help competition

More information

ICIS Power Index Q2 2015 UK energy prices hit five-year lows

ICIS Power Index Q2 2015 UK energy prices hit five-year lows Highlights l Wholesale UK gas and electricity market prices are at their lowest quarterly average in five years, according to the ICIS Power Index and the ICIS price for gas to be delivered over the next

More information

LNG terminal project in Lithuania November, 2012

LNG terminal project in Lithuania November, 2012 LNG terminal project in Lithuania November, 2012 Areas of activities Klaipedos nafta Oil transshipment terminal LNG Terminal Klaipėdos Nafta 2 LNG Terminal Project - Background The necessity to have an

More information

The gas exporters geopolitical and economic power: Do we really need an european external policy?

The gas exporters geopolitical and economic power: Do we really need an european external policy? The gas exporters geopolitical and economic power: Do we really need an european external policy? Dominique FINON WEC workshop «Energy vulnerabilities in Europe», Paris,November 30th 2013 Content Which

More information

Gas markets and supplies from the former I Soviet Union area. IEA 2013 Energy Training Week Marc-Antoine Eyl-Mazzega Russia Programme Manager

Gas markets and supplies from the former I Soviet Union area. IEA 2013 Energy Training Week Marc-Antoine Eyl-Mazzega Russia Programme Manager Gas markets and supplies from the former I Soviet Union area IEA 2013 Energy Training Week Marc-Antoine Eyl-Mazzega Russia Programme Manager Outline 1. Russia: energy sector transformation Gas market snapshot

More information

EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014

EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 An overall look into fashion conversion performance across different countries, sectors and categories. OVERVIEW The fashion conversion benchmark

More information

Global payments trends: Challenges amid rebounding revenues

Global payments trends: Challenges amid rebounding revenues 34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.

More information

RENEWED FOCUS ON EUROPEAN ENERGY SECURITY

RENEWED FOCUS ON EUROPEAN ENERGY SECURITY Statement before the Senate Foreign Relations Subcommittee on European Affairs RENEWED FOCUS ON EUROPEAN ENERGY SECURITY A Statement by Edward C. Chow Senior Fellow, Energy and National Security Program

More information

Meeting Sweden s current and future challenges

Meeting Sweden s current and future challenges 1 Meeting Sweden s current and future challenges Thank you for the opportunity for me to share some thoughts regarding the future challenges that the electricity market faces. Let me first say that the

More information

Let s go international!

Let s go international! Let s go international! Smart Strategies for Cross-border e-commerce Presented by: Julian Wallis Head of Sales julian.wallis@ingenico.com - +44 (0)7884 005565 - @julianwallis Facts and figures / Ingenico

More information

Arla Foods amba Aarhus, Denmark INVESTOR ANNOUNCEMENT 17-02-2016. Arla Foods Annual Results 2015

Arla Foods amba Aarhus, Denmark INVESTOR ANNOUNCEMENT 17-02-2016. Arla Foods Annual Results 2015 Arla Foods amba Aarhus, Denmark INVESTOR ANNOUNCEMENT 17-02-2016 Arla Foods Annual Results 2015 Arla delivered a robust performance against difficult conditions in 2015, which was a tough year for the

More information

A Cheaper Renewable Alternative for Belarus

A Cheaper Renewable Alternative for Belarus A Cheaper Renewable Alternative for Belarus Issue paper from INFORSE-Europe 1, by Gunnar Boye Olesen, July 2011 Summary Following the increasing fossil energy prices, the country of Belarus is struggling

More information

(Future) role of natural gas in the Netherlands. Wim van t Hof Head of Unit Gas Market - Energy Market Directorate

(Future) role of natural gas in the Netherlands. Wim van t Hof Head of Unit Gas Market - Energy Market Directorate (Future) role of natural gas in the Netherlands Wim van t Hof Head of Unit Gas Market - Energy Market Directorate Overview of presentation Gas in the Netherlands: facts and figures The Dutch gas market:

More information

Energi och gas ivår omvarld. Thina Margrethe Saltvedt, Chief Analyst Macro/Oil (Ph. D.) April 2014 @ThinaSaltvedt

Energi och gas ivår omvarld. Thina Margrethe Saltvedt, Chief Analyst Macro/Oil (Ph. D.) April 2014 @ThinaSaltvedt Energi och gas ivår omvarld Thina Margrethe Saltvedt, Chief Analyst Macro/Oil (Ph. D.) April 2014 @ThinaSaltvedt US shale gas soon aiming for new markets higher oil and natural gas prices Shale formations

More information

EXECUTIVE SUMMARY. 1 Preface. 2 Tourism in the Baltic Sea. 4 Possibilities and challenges

EXECUTIVE SUMMARY. 1 Preface. 2 Tourism in the Baltic Sea. 4 Possibilities and challenges di analysis Tourism in the Baltic Sea Region EXECUTIVE SUMMARY > > This booklet gives you an overview of possibilities and challenges in the tourism industry in the Baltic Sea region. > > The first part

More information

The Commercial and Political Logic for the Altai Pipeline

The Commercial and Political Logic for the Altai Pipeline December 2014 The Commercial and Political Logic for the Altai Pipeline OXFORD ENERGY COMMENT James Henderson Introduction During President Putin s visit to Beijing in November 2014 Gazprom and CNPC signed

More information

liquefied natural gas and gas storage

liquefied natural gas and gas storage Views of the Energy Community Secretariat (hereafter referred to as the Secretariat ) on the Consultation Paper on an EU strategy for liquefied natural gas and gas storage The Secretariat welcomes the

More information

GDF SUEZ. Introduction. Jean-François Cirelli

GDF SUEZ. Introduction. Jean-François Cirelli GDF SUEZ Introduction Jean-François Cirelli Content 1. Focus on gas market dynamics 2. Focus on electricity market dynamics 3. Focus on P&L resilience and sensitivities 4. Focus on synergies and performance

More information

IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE?

IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE? IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE? Rita Raudjärv, Ljudmilla Kuskova Energy is a resource without which it is hard to imagine life in today's world. People seem to take it for granted that energy

More information

1 The electricity and gas supply chain

1 The electricity and gas supply chain UNIT 1 The electricity and gas supply chain There is always someone in the supply chain who wins and someone who loses. John Felmy, Chief Economist, American Petroleum Institute In the energy sector, which

More information

RUSSIA AND GERMANY: A SOLID REGIONAL ENERGY PARTNERSHIP. A case study prepared for the International Gas Union's Gas Market Integration Task Force.

RUSSIA AND GERMANY: A SOLID REGIONAL ENERGY PARTNERSHIP. A case study prepared for the International Gas Union's Gas Market Integration Task Force. RUSSIA AND GERMANY: A SOLID REGIONAL ENERGY PARTNERSHIP A case study prepared for the International Gas Union's Gas Market Integration Task Force. 1 Russia and Germany: A Solid Regional Energy Partnership

More information

Klaipėda LNG Terminal a Game Changer in the Baltic Sea Region. Mantas Bartuška General Director SC Klaipėdos Nafta 1

Klaipėda LNG Terminal a Game Changer in the Baltic Sea Region. Mantas Bartuška General Director SC Klaipėdos Nafta 1 Klaipėda LNG Terminal a Game Changer in the Baltic Sea Region Mantas Bartuška General Director SC Klaipėdos Nafta 1 1. Introduction to SC Klaipėdos Nafta A Diversified Oil Product and LNG Terminal Operator

More information

Gas Pricing Principles for European Gas Markets

Gas Pricing Principles for European Gas Markets Gas Pricing Principles for European Gas Markets A View of Gazprom Export Sergei Komlev Head of Contract Structuring and Price Formation Gazprom Export Eurasia Dialogue. Securing Security of Demand for

More information

Global Gas Price Outlook and Parity. Dianne Nicotra Energy Spot Trader September 2013

Global Gas Price Outlook and Parity. Dianne Nicotra Energy Spot Trader September 2013 Global Gas Price Outlook and Parity Dianne Nicotra Energy Spot Trader September 2013 State of the Natural Gas World Fastest growing fossil fuel Rapid growth in developing countries Traded via pipeline

More information

Press Conference on the Release of E.ON SE s Interim Report for the First Nine Months of 2015

Press Conference on the Release of E.ON SE s Interim Report for the First Nine Months of 2015 Press Conference on the Release of E.ON SE s Interim Report for the First Nine Months of 2015 Düsseldorf, November 11, 2015 Statement by: Michael Sen, CFO, E.ON SE Please check against delivery. Statement

More information

Good afternoon, and thanks to the Energy Dialogue for your kind invitation to speak today.

Good afternoon, and thanks to the Energy Dialogue for your kind invitation to speak today. Good afternoon, and thanks to the Energy Dialogue for your kind invitation to speak today. Europe is at the forefront of a global transition to a cleaner energy economy. At the same time globally energy

More information

THE GROWING GLOBAL MARKET OF LNG

THE GROWING GLOBAL MARKET OF LNG THE GROWING GLOBAL MARKET OF LNG ISSUES & CHALLENGES Dr Naji Abi-Aad April 2013 The Growing Global Market of LNG Outline Characteristics of Liquefied Natural Gas (LNG) & its Trade Increasing Volumes of

More information

Investment in LNG terminal on the Croatian island of KrK is of strategic importance to regional energy security.

Investment in LNG terminal on the Croatian island of KrK is of strategic importance to regional energy security. Croatia Key Issues Competition in Croatia s energy market is still very limited. Market opening is needed to improve the investment climate and create incentives for new entrants. Croatia should step up

More information

for the people for the planet for the future Why we need an EU-wide binding target for energy savings.

for the people for the planet for the future Why we need an EU-wide binding target for energy savings. for the people for the planet for the future Why we need an EU-wide binding target for energy savings. An EU-wide binding target for energy savings would cut our greenhouse gas emissions The latest climate

More information

Energy Prices. Presented by: John Heffernan

Energy Prices. Presented by: John Heffernan Global Wholesale Energy Prices Presented by: John Heffernan Energy in 2012 In 2012, the growth in Energy consumption slowed in 2012 90% of this growth came from China & India Consumption & production of

More information

The River Devoll Project

The River Devoll Project EVN Hydropower Development in Albania The River Devoll Project Dr. Michael Laengle, CFO Agenda > EVN Overview and strategy > Albania Electricity market in SEE > The River Devoll project 2 Company profile

More information

Executive Summary. The core energy policy is as follows:

Executive Summary. The core energy policy is as follows: Executive Summary Energy management must become more sustainable and less dependent on increasingly scarce fossil fuels. Energy is a fundamental element of the economy, and the Netherlands must do more

More information

Gas Pricing Principles for European Gas Markets

Gas Pricing Principles for European Gas Markets Gas Pricing Principles for European Gas Markets A View of Gazprom Export Sergei Komlev Head of Contract Structuring and Price Formation Gazprom Export EU-RUSSIA ENERGY DIALOGUE Gas Advisory Council. Fifth

More information

GAS TRANSPORTATION INFRASTRUCTURE DENSITY IN THE EU: CEE vs NWE

GAS TRANSPORTATION INFRASTRUCTURE DENSITY IN THE EU: CEE vs NWE GAS TRANSPORTATION INFRASTRUCTURE DENSITY IN THE EU: CEE vs NWE Andrey A.Konoplyanik Ekaterina Orlova, WS2 GAC / Russia-EU Informal Consultations on EU Regulatory Topics (3 rd EU Energy Package) 20th round

More information

Fast Growth in E-Commerce Demands New Payments Models

Fast Growth in E-Commerce Demands New Payments Models In Conversation With Fast Growth in E-Commerce Demands New Payments Models Gareth Lodge, Celent Neil Burton, Earthport CELENT In Conversation With Fundamentally, banks facilitate industry though the enablement

More information

INDUSTRY INSIGHT OIL & GAS. A Quiet Revolution in Central and Eastern Europe. September 2015. Gas prices start to converge across the continent

INDUSTRY INSIGHT OIL & GAS. A Quiet Revolution in Central and Eastern Europe. September 2015. Gas prices start to converge across the continent INDUSTRY INSIGHT OIL & GAS September 2015 A Quiet Revolution in Central and Eastern Europe Gas prices start to converge across the continent Summary Much of the recent focus of the gas industry in Europe

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

The E.ON View on a N-DK Connection

The E.ON View on a N-DK Connection Energinet.dk Seminar on Norwegian-Danish Gas Connection on 13. September 2010 in Copenhagen Dr. Christoph Merkel, Vice President Sales Northern Europe E.ON Ruhrgas AG Pan-European Gas Market Unit ( PEG)/

More information

Country trade view Italy. Trends in global trade

Country trade view Italy. Trends in global trade Country trade view Italy Trends in global trade Summary Italy is a significant player in world trade. In 2014, it was the eleventh-largest importer and the ninth-largest exporter in the world. Italy comprises

More information

The EU Craft and SME Barometer 2014/H1

The EU Craft and SME Barometer 2014/H1 The EU Craft and SME Barometer 2014/H1 SME Climate Index up to 67.9, but no recovery for SMEs yet Recession for SMEs seems to end, but no significant growth or job creation expected The UEAPME SME Climate

More information

MASTER LICENSEE PROSPECT UNITED KINGDOM. Leader in home delivery of quality products for your dog & cat

MASTER LICENSEE PROSPECT UNITED KINGDOM. Leader in home delivery of quality products for your dog & cat MASTER LICENSEE PROSPECT We are looking for Franchisees all over the world UNITED KINGDOM FRANCHISING - A BUSINESS CONCEPT THAT WORKS! The Husse franchise concept is built on a system of Master Licensees

More information

The Vienna Initiative

The Vienna Initiative The Vienna Initiative KNF Conference on Household Lending Warsaw, October 20, 2010 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe The problem Parent Banks severely affected

More information

Scenario analysis and stress testing for the energy industry

Scenario analysis and stress testing for the energy industry Scenario analysis and stress testing for the energy industry Pre-Conference Workshop Stress testing calculating your limits Value of diverse scenarios Karen Sund Founder/ Partner Sund Energy London 8 February

More information

Norwegian position on the proposed EU framework for climate and energy policies towards 2030

Norwegian position on the proposed EU framework for climate and energy policies towards 2030 Norwegian position on the proposed EU framework for climate and energy policies towards 2030 The EU plays an important role as a global leader in climate policy and has a fundamental interest in strengthening

More information

Developments in the Traded Market:

Developments in the Traded Market: PatrickHeatherConsultancy Developments in the Traded Market: The Evolution of European Traded Gas Hubs Eurogas Conference on Central and Eastern Europe Ljubljana, 15 th December, 2015 The contents of this

More information

E.ON AG Conference Call - Nine Months Results November 10, Presentation: Dr. Wulf H. Bernotat. Please check against delivery

E.ON AG Conference Call - Nine Months Results November 10, Presentation: Dr. Wulf H. Bernotat. Please check against delivery E.ON AG Conference Call - Nine Months Results 2005 November 10, 2005 Presentation: Dr. Wulf H. Bernotat Member of the Board of Management and CEO Please check against delivery Page 2 of 7 Good afternoon

More information

Trade and Commodity Finance. Profile

Trade and Commodity Finance. Profile Trade and Commodity Finance Profile 2 Who is Credit Europe Bank? Founded in 1994, Credit Europe Bank NV (CEB NV) has grown into a solid, international financial services group, ranked in the top ten of

More information

Prospects for the Construction Industry. Oebele Vries

Prospects for the Construction Industry. Oebele Vries Prospects for the Construction Industry Oebele Vries Economic framework Credit crisis: deep global recession Strongly decreasing investment demand Lack of commercial credit possiblities Bottom has been

More information

Price setting in the electricity markets within the EU single market

Price setting in the electricity markets within the EU single market PricesettingintheelectricitymarketswithintheEUsingle market AreportbyEASACtotheCommitteeonIndustry,ResearchandEnergyoftheEuropean Parliament February2006 Forfurtherinformation: FionaSteiger EASACSecretariat

More information

Nabucco Pipeline. Attachment to the Response Paper to the MNI announcement of 3 rd November 2011 regarding Israel s natural gas sector

Nabucco Pipeline. Attachment to the Response Paper to the MNI announcement of 3 rd November 2011 regarding Israel s natural gas sector Pipeline Attachment to the Response Paper to the MNI announcement of 3 rd November 2011 regarding Israel s natural gas sector RWE Supply & Trading 15/12/2011 PAGE 0 Today the gas reserves in the Middle

More information

Electricity, Gas and Water: The European Market Report 2014

Electricity, Gas and Water: The European Market Report 2014 Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,

More information

International Factors Group Model Law of Factoring

International Factors Group Model Law of Factoring Afreximbank Conference - Lusaka Regulatory and Legal Aspects of Factoring & International Factors Group Model Law of Factoring Edward Wilde Solicitor with Squire Patton Boggs Financial Services Team London

More information

WHEN AN EFFECTIVE EU ENERGY POLICY?

WHEN AN EFFECTIVE EU ENERGY POLICY? WHEN AN EFFECTIVE EU ENERGY POLICY? A. Clerici ABB Italy Honorary Chairman of WEC Italy Chairman of WEC WG The future role of nuclear in Europe 1 INDEX 1. General Comments 2. Vulnerability 3. Transmission

More information

Poland. Key issues. General overview

Poland. Key issues. General overview Poland Key issues Although important improvements have been made to modernise Polish energy infrastructure, significant investments are still needed to ensure a sustainable supply of energy, reduce the

More information

Economic cost of cheap Russian gas

Economic cost of cheap Russian gas Policy Briefing Series [PB/05/2011] Economic cost of cheap Russian gas Analysis and Policy Recommendations Ricardo Giucci, Georg Zachmann Germany Advisory Group Ukraine Berlin/Kyiv, April 2011 Motivation

More information

ICT Industry in Europe. Outsourcing Fuels Business Growth

ICT Industry in Europe. Outsourcing Fuels Business Growth ICT Industry in Europe. Outsourcing Fuels Business Growth 1 CONTENTS Introduction... 3 Implications of owning own IT infrastructure Drivers to outsourcing IT nearshoring to pick up in 2014 Risks of outsourcing

More information

Short and long-term indicators and early warning tool for energy security. L. Vanhoorn *, H. Faas

Short and long-term indicators and early warning tool for energy security. L. Vanhoorn *, H. Faas Short and long-term indicators and early warning tool for energy security L. Vanhoorn *, H. Faas European Commission; JRC - Institute for Energy; Energy Security Unit P.O. Box 2, 1755 ZG Petten, the Netherlands

More information

China s growing energy demand: some international implications

China s growing energy demand: some international implications China s growing energy demand: some international implications Dr David Robinson Senior Research Fellow OIES 17 October 2013 NOG Stockholm 1 Outline Introduction China s energy demand v. policy objectives

More information

Gazprom Marketing & Trading Global Carbon

Gazprom Marketing & Trading Global Carbon Gazprom Marketing & Trading Global Carbon OAO Global Energy Company Gazprom Marketing & Trading Global Carbon OAO Gazprom is the world s largest gas company concentrating largely on the production and

More information

THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES

THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES Annals of the University of Petroşani, Economics, 11(3), 2011, 15-22 15 THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES CĂTĂLIN NICOLAE BULGĂREA * ABSTRACT:

More information

7: The electricity market

7: The electricity market 7: The electricity market 94 : Facts 2008 : Energy and Water Resources in Norway The power sector in Norway is regulated by the Energy Act. Market-based power trading is one of the principles incorporated

More information

Norwegian gas to Denmark - market development and SoS

Norwegian gas to Denmark - market development and SoS Norwegian gas to Denmark - market development and SoS Søren Juel Hansen, Head of Infrastructure & Tariffs Oliver Vindex Nielsen, Project Manager 1 We still believe in what we said in the Winter 2009/10

More information

Press Conference Background: GAS EXPORTS AND ENHANCING RELIABILITY OF GAS SUPPLY TO EUROPE. June 24, 2009 GAS EXPORTS

Press Conference Background: GAS EXPORTS AND ENHANCING RELIABILITY OF GAS SUPPLY TO EUROPE. June 24, 2009 GAS EXPORTS Press Conference Background: GAS EXPORTS AND ENHANCING RELIABILITY OF GAS SUPPLY TO EUROPE June 24, 2009 GAS EXPORTS As estimated by CEDIGAZ, the International Association for Natural Gas, in 2008 global

More information

Storage Development and Security of Gas Supply: U.S. Perspective. GIE Annual Conference, Groningen, May 7, 2009

Storage Development and Security of Gas Supply: U.S. Perspective. GIE Annual Conference, Groningen, May 7, 2009 Storage Development and Security of Gas Supply: U.S. Perspective GIE Annual Conference, Groningen, May 7, 2009 Role of Storage & Value Perception Strategic and Operational Role ROLE Pipeline Balancing

More information

UK Gas Security Policy

UK Gas Security Policy www.eprg.group.cam.ac.uk UK Gas Security Policy and international gas markets Dr Pierre Noël EPRG, University of Cambridge pn243 [at] cam.ac.uk London, 15 th February 2012 EPRG, University of Cambridge

More information

Germany. Key issues. 1. General overview

Germany. Key issues. 1. General overview Germany Key issues High volumes of renewables have changed the way the electricity market in Germany operates. In 2012 direct marketing increased, in particular in onshore wind, due to a change of the

More information

Ukraine s Gas Market Reform: Green Light to Investments in Natural Gas Transmission, Production and Energy Efficiency

Ukraine s Gas Market Reform: Green Light to Investments in Natural Gas Transmission, Production and Energy Efficiency Ukraine s Gas Market Reform: Green Light to Investments in Natural Gas Transmission, Production and Energy Efficiency Andriy Kobolyev, CEO, Naftogaz of Ukraine July 2015 www.naftogaz-europe.com www.naftogaz.com

More information

International Trade Monitor

International Trade Monitor British Small and Medium-Sized Enterprises Split Over Health of the UK Economy Overall SME importer and exporter confidence sees dip in Q1 Increase in SMEs hurt by sterling volatility Eurozone concerns

More information

Executive summary. Global Wage Report 2014 / 15 Wages and income inequality

Executive summary. Global Wage Report 2014 / 15 Wages and income inequality Executive summary Global Wage Report 2014 / 15 Wages and income inequality Global Wage Report 2014/15 Wages and income inequality Executive summary INTERNATIONAL LABOUR OFFICE GENEVA Copyright International

More information

Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry

Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Mergers and Acquisitions Trends in the Global Property and Casualty Insurance Industry Improving Industry Health to Bolster Global Merger Activity in 2014 NC3B-F1 January 2013 Contents Section Slide Number

More information

Market Opening as Driving Force

Market Opening as Driving Force Market Opening as Driving Force 6th South East Europe Energy Dialogue Thessaloniki, May 30-31st 2012 Klaus P. Luber Head of Business Development Sales SEE, E.ON Ruhrgas AG The European gas market has changed

More information

Evolution of Overseas Gas Markets, in an Australian Context. AEMC Gas Review Public Forum. Todd Bessemer, Market Reform 25 February 2015

Evolution of Overseas Gas Markets, in an Australian Context. AEMC Gas Review Public Forum. Todd Bessemer, Market Reform 25 February 2015 Evolution of Overseas Gas Markets, in an Australian Context AEMC Gas Review Public Forum Todd Bessemer, Market Reform 25 February 2015 Gas Market Evolution In our Evolution of the Gas Supply Hub work for

More information

How international expansion is a driver of performance for insurers in uncertain times

How international expansion is a driver of performance for insurers in uncertain times How international expansion is a driver of performance for insurers in uncertain times Accenture Global Multi-Country Operating Model Survey May 2009 Copyright 2009 Accenture. All rights reserved. Accenture,

More information