Coherent Identifier About this item: 20.500.12592/v7mgxs

HIGH ENERGY PRICES - RUSSIA FIGHTS BACK ?

29 November 2021

Summary

With the gas market growing and the subsequent opening of the European market, gas started to be traded as a commodity and its link to oil weakened In the early 2000s, the EC started to question the rationale of those long-term contracts. [...] Should one or more member state experience difficulties with supply, the first step is for the member state(s), at the initiative of the EC, to assess the situation precisely, within the framework of the Gas Coordination Group. [...] 10 ▪ WHAT IS THE IMPACT OF THE PRICE OF GAS ON THE PRICE OF ELECTRICITY? Thanks to the growth of renewables, especially wind and solar, the EU electricity mix is evolving rapidly to remove fossil fuels and those that emit the most CO2. [...] 11 ▪ WHAT IS THE IMPACT OF THE EUROPEAN GREEN DEAL OBJECTIVES ON THE INVESTMENTS AND THE USE OF GAS? The energy transition requires fossil fuels to be progressively eliminated from the energy mix and/or the ability to capture and sequester CO2 as soon as possible. [...] The recent agreement with Hungary on a 15-year supply agreement at a discounted price, conceded on the basis of the use of the Turkish route (Turk Stream) further weakening Ukraine, is another consequence of the German government’s attitude and of the inertia of the EU.

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