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Ministerial Meeting "The Effectiveness of Energy Regulation: General Approaches and Divergence between Countries"
3 October 2018
10:45—12:00
KEY CONCLUSIONS
Global demand for energy products is steadily growing

Expert forecasts suggest that there will be significant growth in energy consumption over the next two decades. Such growth will amount to roughly 30%, and this is one of the trends — Alexander Novak, Minister of Energy of the Russian Federation.

Global demand for petrochemicals will grow by 6% per year — Alexander Novak, Minister of Energy of the Russian Federation.

The wave of energy connectivity associated with the conversion of most energy-consuming devices to electricity will continue. The growth in electricity consumption will be two-fold, i.e. the generation of electricity from fossil fuels will account for most of this consumption — Alexander Novak, Minister of Energy of the Russian Federation.

The energy industry is undergoing a large-scale transformation

We are in the midst of a great transition in the energy sector. Each country is undergoing dramatic changes, and at the global level we are seeing three fundamental drivers that support this: digitalization, decarbonization, and decentralization — Christoph Frei, Secretary General, Chief Executive Officer, World Energy Council.

Every country in this transition process intends to ensure a balance of the following factors: high energy security, energy capital issues, and access to power grids in addition to stable environmental factors — Christoph Frei, Secretary General, Chief Executive Officer, World Energy Council.

Energy is the foundation for economic development and independence

The problem of energy security is an important factor in national sovereignty — Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary.

All nations need energy to develop, and energy resources, especially gas, are vital for development in any country. This is a strategic commodity — Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of the State of Qatar.

Africa needs liquefied natural gas not only for electricity, but for industrialization as well [...] LNG is an inexpensive resource that is cheaper than liquid crude oil. It is more eco-friendly and easier to distribute. If these small terminals are built in Africa, we can expect Africa to become a large market, including for Europeans — Gabriel Mbaga Obian Lima, Minister of Mines and Hydrocarbons of the Republic of Equatorial Guinea.

ISSUES
Dependence of energy on political factors

Market regulation, which often aims to place insufficiently substantiated restrictions on infrastructure projects, is becoming more stringent. There are new protectionist measures that may be introduced regarding the implementation of major energy projects. This negates the achievements that we have managed to make over the past 30 years, hinders long-term investment, and increases risks for global investors — Alexander Novak, Minister of Energy of the Russian Federation.

We are opposed to artificial restrictions and sanctions whose causes and motives lie outside the energy sector and which create huge imbalances and uncertainties on energy markets — Alexander Novak, Minister of Energy of the Russian Federation.

A lack of accessibility to energy resources

The main challenge facing our industry is accessibility to fuel for the power industry — Jabbar Ali Hussein Alluaibi, Iraqi Minister of Oil .

SOLUTIONS
Development of international cooperation

Our energy policy aims to expand and deepen constructive and mutually beneficial cooperation with all interested states — Alexander Novak, Minister of Energy of the Russian Federation.

Dialogue is the basis of sustainable development and the basis for solving the difficult challenges that states face today in increasing their energy potential and attaining energy independence — Yuriy Senturin, State Secretary, Deputy Minister of Energy of the Russian Federation.

In the future, the challenges in our industry will be interconnected. We are battling our current challenges on a daily basis — Mohammad Sanusi Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC).

Over the past 10 years, we have carried out extensive work to modernize the energy system of Belarus and we will continue it. Another strategic objective is diversification, which provides for the maximum involvement of local types of fuel and the use of atomic energy. Jointly with the Russian Federation, Belarus is implementing a project to build the Belarusian Nuclear Power Plant with installed capacity of 2,400 MW. The first unit will be put into operation in 2019 and the second in 2020. The commissioning of the nuclear power plant provides serious incentive for an objective assessment of the prospects for trade interaction between Belarus and Russia — Viktor Karankevich, Minister of Energy of the Republic of Belarus.

Enhancing competitiveness

For us, prices are a very important issue. We can only get involved with new sources [of energy] when we see that prices are competitive according to market standards — Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary.

A non-discriminatory approach to different types of energy resources

We can’t discriminate against nuclear energy in a negative light. It must be taken into account as an equal partner with other types of energy — Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary.

There should be no gas discrimination [...] Gas should be a priority since gas is an eco-friendly fuel that not only improves the local environment in cities, but also allows us to solve climate change issues in a positive way — Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of the State of Qatar.

Improving regulatory effectiveness

It is impossible to achieve results and meet challenges in the energy sector without effective regulation. International practice is needed — Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan.

Introducing new technologies

We are planning to attract foreign investment to utilize the introduction of digital technologies in the production of electricity at our energy sources. Special attention is being paid to the grid system — Viktor Karankevich, Minister of Energy of the Republic of Belarus.

The main objective is not just to utilize gas reserves, but to develop the industry and use new technologies — Jabbar Ali Hussein Alluaibi, Iraqi Minister of Oil .

Boosting the share of energy from renewable sources in the energy balance

Renewable energy sources remain among the most important and dynamic energy sectors. Investments in this sector account for more than half of total investment in the global electric power industry — Alexander Novak, Minister of Energy of the Russian Federation.

The development of renewable energy sources is a matter of energy security for Serbia. Two-thirds of all investments in the energy sector today are spent on the development of this particular sector. Wind and biomass account for 20% of total energy consumption in the country today. And our plans are very ambitious. My people say that we will achieve 30% renewable energy supplies by 2030. I want to believe them, and we have made this a goal — Aleksandar Antic, Minister of Mining and Energy of the Republic of Serbia.

The material was prepared by the Russian news agency TASS