The energy transition and the cause of energy security have merged into one
Not surprisingly, the growth of investment in wind and solar supplies of electricity is the dominant trend.Previously seen as a “bridge” to a lower carbon economy — as it is a less polluting fossil fuel than coal and oil — gas is regarded as the principal source of energy insecurity and has become the primary target of the transition agenda.
Demand for it cannot be eliminated quickly because the infrastructure of energy consumption from home heating systems to industrial plants is entrenched. Even so, total consumption has fallen. In the second quarter of this year, Europe used 16 per cent less natural gas than a year earlier. That level is set to fall further.
In the short term, new LNG facilities being built in the US and the Middle East will provide additional supplies to fill the immediate gap. But, in a shrinking market, Russia will struggle to regain its dominant role as a supplier even if the war in Ukraine ends soon.
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