- Recovery from COVID-19 has led to increased demand for energy
- EU releases list of measures to fight cobetween high energy prices
- Russia and Europe fight over Nord Stream 2 pipeline
- China, a major coal consumer struggling with a energy crisis
- Green energy needs an investment of 4 trillion dollars by 2030, according to IEA
MOSCOW / BRUSSELS / BEIJING, October 13 (Hfrance.fr) - President Vladimir Putin said on Wednesday that Russia is not using gas as a weapon and is ready to help mitigate the Europe 's energy crisis as the EU has called an emergency summit to tackle soaring prices.
The demand for Energy increased as economies recovered from the pandemic, pushing up oil, gas and coal prices, fueling inflationary pressures and mining efforts to reduce the use of polluting fossil fuels in the fight against warming climatic.
China, the world's second-largest economy and its biggest greenhouse gas emitter, has boosted the production and imports of coal, as prices national coal levels have reached record highs and power plants have data struggled to keep the lights on in homes and factories.
The Crisis Energy amplified on Wednesday 's call from the International Energy Agency (IEA) for triple investment in renewable energies to stabilize markets and fight climate change.
The gas compression of the 'Europe has shone the spotlight on Russia, which accounts for a third of gion's supplies, prompting European politicians to blame Moscow for not pumping enough.
Poutine said at an energy conference in Moscow that the gas market was neither balanced nor predictable, especially in Europe, but said Russia was meeting its contractual obligations to 'supply customers and was ready to increase supplies if asked.
He rejected accusations that Russia was using energy as a weapon: "This is just politically motivated chatter, which has no basis.
The European Union did not ask Russia to increase gas supply to the block, a UCommission official told Hfrance.fr.
Russia and Europe are involved in a dispute over a new pipeline, Nord Stream 2 , to supply Russian gas to Germany. The pipeline is being built but is awaiting approval to start pumping, amid opposition from the United States and some European countries who fear it will make Europe even more dependent on Russia.
Some European politicians say Moscow is using the fuel crisis as leverage, an accusation it has repeatedly denied.
The European Commission presented on Wednesday the measures that the EU27 would take to tackle the energy crisis, including exploring a voluntary option for countries to jointly purchase gas.
Ministers countriesof the EU hold an extraordinary meeting on October 26 to discuss the price spike.
"The only way to completely decouple gas from the "Electricity is no longer used to generate electricity," said EU energy policy chief Kadri Simson. "It 's the EU ' s long term goal to replace fossil fuels with renewable energies.
L The Paris-based IEA said the world had to invest $ 4 trillion by 2030 in clean energy and infrastructure - triple current levels - to achieve net zero emissions and limit global warming to 1.5 degrees Celsius by 2050, the target of the 2015 Paris climate agreement.
"The world is not investing enough to meet its future energy needs ", he said in a report, published before the conferenceThe United Nations Conference on Climate Change COP26 in Glasgow, Scotland, which begins October 31. learn more
As renewable energies have failed to meet the shortcomings amid high demand, oil and gas prices have skyrocketed.
The Organization of the Petroleum Exporting Countries has reduced its world oil demand forecast for 2021, but said soaring gas prices could mean customers are turning to oil.
Benchmark crude is trading near the more than three-year high of last week, above $ 84 a barrel.
Putin said oil prices could reach $ 100 a barrel." It is quite possible, "he said. " We and our partners in OPEC + are doing everything possible to stabilize the market. read more
The benchmark European gas price has risen by more than 350% this year, trading above $ 31 per million British thermal units (mmBtu) on Wednesday, although down from last week's peak above $ 52.
" Current prices are above fundamentally justified levels, are expected to remain volatile and could still reach $ 100 / mmBtu or more this season if the weather gets very cold, "said Citi Bank, which also raised its prices. forecasts for the euro European and Asian reference gas prices for thethird trimester about $ 3.
The United States should also feel the pain, according to the Energy Information Administration, which warned on Wednesday that it would cost more to heat American houses this winter. learn more
The European Network of Gas Transmission System Operators (ENTSOG), which monitors security of supply, said a cold winter in Europe would require an increase in gas imports of around 5-10% over previous maximum levels.
"We are reaching out to trading partners to discuss the possibility of increasing their deliveries to the market, "said EU Energy Commissioner Kadri Simson.
The Commission is 'expect the prix remain high until April 2022. read more
In China, the most active Zhengzhou thermal coal futures in January hit a record 1 on Wednesday 640 yuan ($ 254.54) per ton, up more than 190% since the start of the year.
Local governments of China's main coal-producing regions, Shanxi and Inner Mongolia, have ordered around 200 mines to boost production, but the rain flooded 60 mines in Shanxi. China's coal imports jumped 76% in September.
Seeking to ease the electricity crisis, Beijing said it would allow power plants to bill the market to commercial customers - based on prices, breaking a policy that had allowedindustry to make fixed price electricity deals with suppliers.
($ 1 = 6.4430 yuan Chinese renminbi) Report by Kate Abnett in Brussels; Vladimir Soldatkin, Oksana Kobzeva and Alexander Marrow in Moscow; Muyu Xu and Shivani Sin gh in Beijing; Jessica Jaganathan in Singapore, Noah Browning in London; Written by Edmund Blair; Editing by Elaine Hardcastle, Carmel Crimmins and Alex Richardson
Our standards: Thomson Hfrance.fr's principles of trust.