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Energy for Europe: New Dynamics in the Gas Market
7 June 2019

Energy demand will continue to grow over the coming decades, and with it, demand for gas. Recent studies indicate that around 50% more gas will be needed globally by 2040. At the same time, however, European gas production will fall by about 40%. This will mean that Europe will have to import around three quarters of its gas via pipelines and LNG. In order to meet the EU’s climate goals, Germany — already Europe’s largest gas consumer — plans to phase out all coal-fired power plants by 2038. This decision will increase the need for gas still further as the EU seeks to ensure access to secure, sustainable, and affordable energy. Russia has the largest natural gas reserves in the world. These can help fill a major part of Europe’s growing import gap, and at a very competitive price. However, the issue of Europe’s energy supply has never been as geopolitically charged as it is today. Political interests and decisions seem to take precedence over economic necessity and climate protection. Indeed, instead of welcoming member states’ decisions to further reduce their carbon emissions, the EU and individual member states have attempted to block viable supply solutions, purely out of political interests. This complicates the picture in the European gas market. How will an economically and ecologically feasible energy mix for Europe look in the future? How will Europe navigate the dynamics of the market to achieve the best possible mix? Why does Europe need additional pipeline capacities to transport gas from Russia’s vast gas fields? How will Russian gas and LNG compete to provide energy security for Europe? What strategic advantage does Russian gas offer Europe? How does Nord Stream 2 fit into the EU’s energy strategy?

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Conference hall
Congress Centre, Business Breakfast hall 2
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