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  •   Businessday Ng The opaque foreign exchange fx allocation mechanism in Nigeria has become a major area of attention for investigators of the secret police who are piling up evidence on chieftains of the Central Bank of Nigeria and its governor Godwin Emefiele BusinessDay has learned Although their probe is wide ranging the investigators have apparently chosen to zero in on how the banks allocate the scarce foreign exchange and the criteria for the allocation at a time many business leaders increasingly rely on the black market to satisfy the FX requirement for their companies Each bank has its own FX allocation committees but DSS operatives want to know if the allocation was determined by the committees on their own or if it was authorised by someone at the Central Bank to benefit favoured Nigerians and their foreign collaborators who stand to benefit massively from the subsidised rates applied According to a senior banker the scarcity of foreign exchange coupled with the multiple exchange rates and the opaque nature of the allocation have led to charges that only the favoured customers of banks can access the greenback at the official rate Typically a bank customer will approach his bank in search of foreign exchange The customer will then submit all the required documentation and then he must adequately fund his account Only then does the customer enter an almost endless queue waiting for the FX allocation This wait can go on for up to a year Bankers say at the international banks in Nigeria the process can be one of true first in first out but not so at many local of local banks where the process is subject to manipulation from within and from outside The CBN has consistently maintained that it will unify the rates but in practice the rates continue to diverge opening growing opportunities for arbitrage for the privileged few BusinessDay reported earlier Tuesday that the department of state security DSS has opened wide ranging investigations into foreign exchange received and their subsequent allocation to customers by each deposit money bank in the country and the involvement of the Central Bank of Nigeria The investigation comes at a time of increasing searchlight on the governor of the apex bank Godwin Emefiele who the bank said resumed work on Monday after several weeks overseas amidst allegations that he was being sought by the secret police According to our reporters the bank CEOs have been given a deadline of Wednesday January 18 2023 to provide detailed information about the privileged individuals and companies that have been given foreign exchange allocations since 2017 Specifically the CEOs are to provide a schedule of the I amp E forex allocated to the individual banks from 2017 to date The said schedule should be broken down into amount allocated to the bank the name of the individual customer and or beneficiary beneficiaries and the basis criteria for the allocation The bank CEOs must also say who authorized the allocation in each case whether it is the CBN and or the deposit money bank itself They are also to provide a summary of the TOP 50 customers who received the most FX allocation in order of magnitude Emefiele has been at the receiving end of attacks for years over his unorthodox monetary policies but troubles expanded after his shocking decision to join the presidential race while still holding office On December 27 2022 it emerged that the DSS had been in court via an ex parte application marked FHC ABJ CS 2255 2022 and in which the secret police sought an order to arrest the CBN governor over alleged acts of financing terrorism and economic crimes of national security EXPLAINER Why Nigeria s inflation fell in December after 10 month surge Five ways Nigeria can boost revenue without hurting investors Nigeria s inflation falls for first time in 11 months Emefiele to be let in without arrest expected to resign latest news DisCos report N188 bn revenue in Q2 2022 lowest in four quarters No cause for alarm over my health Akeredolu Court sentences Lagos vulcaniser to death by hanging for stealing N57 000 Gates Foundation earmarks 8 3bn to fight poverty in 2023 Here are three key implications of cancelled Nigeria LNG shipments Source Credit https businessday ng business economy article why dss is beaming its searchlight on cbn banks foreign exchange allocation
    Why DSS is beaming its searchlight on CBN, banks’ foreign exchange allocation
      Businessday Ng The opaque foreign exchange fx allocation mechanism in Nigeria has become a major area of attention for investigators of the secret police who are piling up evidence on chieftains of the Central Bank of Nigeria and its governor Godwin Emefiele BusinessDay has learned Although their probe is wide ranging the investigators have apparently chosen to zero in on how the banks allocate the scarce foreign exchange and the criteria for the allocation at a time many business leaders increasingly rely on the black market to satisfy the FX requirement for their companies Each bank has its own FX allocation committees but DSS operatives want to know if the allocation was determined by the committees on their own or if it was authorised by someone at the Central Bank to benefit favoured Nigerians and their foreign collaborators who stand to benefit massively from the subsidised rates applied According to a senior banker the scarcity of foreign exchange coupled with the multiple exchange rates and the opaque nature of the allocation have led to charges that only the favoured customers of banks can access the greenback at the official rate Typically a bank customer will approach his bank in search of foreign exchange The customer will then submit all the required documentation and then he must adequately fund his account Only then does the customer enter an almost endless queue waiting for the FX allocation This wait can go on for up to a year Bankers say at the international banks in Nigeria the process can be one of true first in first out but not so at many local of local banks where the process is subject to manipulation from within and from outside The CBN has consistently maintained that it will unify the rates but in practice the rates continue to diverge opening growing opportunities for arbitrage for the privileged few BusinessDay reported earlier Tuesday that the department of state security DSS has opened wide ranging investigations into foreign exchange received and their subsequent allocation to customers by each deposit money bank in the country and the involvement of the Central Bank of Nigeria The investigation comes at a time of increasing searchlight on the governor of the apex bank Godwin Emefiele who the bank said resumed work on Monday after several weeks overseas amidst allegations that he was being sought by the secret police According to our reporters the bank CEOs have been given a deadline of Wednesday January 18 2023 to provide detailed information about the privileged individuals and companies that have been given foreign exchange allocations since 2017 Specifically the CEOs are to provide a schedule of the I amp E forex allocated to the individual banks from 2017 to date The said schedule should be broken down into amount allocated to the bank the name of the individual customer and or beneficiary beneficiaries and the basis criteria for the allocation The bank CEOs must also say who authorized the allocation in each case whether it is the CBN and or the deposit money bank itself They are also to provide a summary of the TOP 50 customers who received the most FX allocation in order of magnitude Emefiele has been at the receiving end of attacks for years over his unorthodox monetary policies but troubles expanded after his shocking decision to join the presidential race while still holding office On December 27 2022 it emerged that the DSS had been in court via an ex parte application marked FHC ABJ CS 2255 2022 and in which the secret police sought an order to arrest the CBN governor over alleged acts of financing terrorism and economic crimes of national security EXPLAINER Why Nigeria s inflation fell in December after 10 month surge Five ways Nigeria can boost revenue without hurting investors Nigeria s inflation falls for first time in 11 months Emefiele to be let in without arrest expected to resign latest news DisCos report N188 bn revenue in Q2 2022 lowest in four quarters No cause for alarm over my health Akeredolu Court sentences Lagos vulcaniser to death by hanging for stealing N57 000 Gates Foundation earmarks 8 3bn to fight poverty in 2023 Here are three key implications of cancelled Nigeria LNG shipments Source Credit https businessday ng business economy article why dss is beaming its searchlight on cbn banks foreign exchange allocation
    Why DSS is beaming its searchlight on CBN, banks’ foreign exchange allocation
    General news2 weeks ago

    Why DSS is beaming its searchlight on CBN, banks’ foreign exchange allocation

    Businessday Ng -

    The opaque foreign exchange (fx) allocation mechanism in Nigeria has become a major area of attention for investigators of the secret police, who are piling up evidence on chieftains of the Central Bank of Nigeria and its governor, Godwin Emefiele, BusinessDay has learned.

    Although their probe is wide-ranging, the investigators have apparently chosen to zero in on how the banks allocate the scarce foreign exchange and the criteria for the allocation at a time many business leaders increasingly rely on the black market to satisfy the FX requirement for their companies.

    Each bank has its own FX allocation committees, but DSS operatives want to know if the allocation was determined by the committees on their own or if it was authorised by someone at the Central Bank to benefit favoured Nigerians and their foreign collaborators who stand to benefit massively from the subsidised rates applied.

    According to a senior banker, the scarcity of foreign exchange coupled with the multiple exchange rates and the opaque nature of the allocation have led to charges that only the favoured customers of banks can access the greenback at the official rate.

    Typically, a bank customer will approach his bank in search of foreign exchange. The customer will then submit all the required documentation, and then he must adequately fund his account. Only then does the customer enter an almost endless queue waiting for the FX allocation.

    This wait can go on for up to a year. Bankers say at the international banks in Nigeria, the process can be one of true first in first out but not so at many local of local banks where the process is subject to manipulation from within and from outside.

    The CBN has consistently maintained that it will unify the rates but in practice the rates continue to diverge, opening growing opportunities for arbitrage for the privileged few.

    BusinessDay reported earlier Tuesday that the department of state security, DSS has opened wide-ranging investigations into foreign exchange received and their subsequent allocation to customers by each deposit money bank in the country and the involvement of the Central Bank of Nigeria.

    The investigation comes at a time of increasing searchlight on the governor of the apex bank Godwin Emefiele who the bank said resumed work on Monday after several weeks overseas amidst allegations that he was being sought by the secret police.

    According to our reporters, the bank CEOs have been given a deadline of Wednesday, January 18, 2023, to provide detailed information about the privileged individuals and companies that have been given foreign exchange allocations since 2017.

    Specifically, the CEOs are to provide a schedule of the I & E forex allocated to the individual banks from 2017 to date. The said schedule should be broken down into amount allocated to the bank, the name of the individual customer and/or beneficiary/beneficiaries and the basis/criteria for the allocation.

    The bank CEOs must also say who authorized the allocation in each case, whether it is the CBN and/or the deposit money bank itself.

    They are also to provide a summary of the TOP 50 customers who received the most FX allocation, in order of magnitude.

    Emefiele has been at the receiving end of attacks for years over his unorthodox monetary policies, but troubles expanded after his shocking decision to join the presidential race while still holding office.

    On December 27, 2022, it emerged that the DSS had been in court via an ex parte application marked FHC/ABJ/CS/2255/2022 and in which the secret police sought an order to arrest the CBN governor over alleged acts of financing terrorism and economic crimes of national security.

    EXPLAINER: Why Nigeria’s inflation fell in December after 10-month surge

    Five ways Nigeria can boost revenue without hurting investors

    Nigeria’s inflation falls for first time in 11 months

    Emefiele to be let in without arrest, expected to resign

    latest news

    DisCos report N188 bn revenue in Q2 2022, lowest in four quarters

    No cause for alarm over my health – Akeredolu

    Court sentences Lagos vulcaniser to death by hanging for stealing N57,000

    Gates Foundation earmarks $8.3bn to fight poverty in 2023

    Here are three key implications of cancelled Nigeria LNG shipments

    Source Credit: https://businessday.ng/business-economy/article/why-dss-is-beaming-its-searchlight-on-cbn-banks-foreign-exchange-allocation/

  •   A dedicated panel at the Angola Oil amp Gas AOG 2022 conference http bit ly 3UyBCpP on Wednesday explored the key drivers and potential contributions of natural gas in Angola under the theme Natural Gas in Focus Gas to power Petrochemicals and LNG Outstanding Opportunities for Future Capacity Building Holding estimated recoverable natural gas reserves of 27 trillion cubic feet Angola has been historically slow to monetize its gas resources but recently launched a series of comprehensive gas monetization and utilization initiatives with a view to emerging as a regional gas player Moderated by Eric A Williams President amp Principal Consultant Royal Triangle Energy Solutions Limited panelists included Julius Rone Managing Director UTM Offshore Camilo Gomes Finance Manager Certex Angola LDA Ricardo Silva President Elect of the Association of International Energy Negotiators and Partner at Miranda amp Associates Rui Bastos Global Risk Energy Expert EY Ronald Groot Managing Director Angola Siemens Energy and Manuel Barros Chairman of the Executive Committee UNGER Williams kicked off the discussion by stating that Natural gas is the ideal resource that can assist in the development of the continent As natural gas is increasingly positioned as a key component of the energy transition http bit ly 3VBHRc0 and means of generating power easing fuel shortages and diversifying state revenue streams Angola s public and private sector have implemented an ambitious gas monetization campaign with speakers exploring the country s readiness to become a regional gas powerhouse So far we have all the ingredients to be a regional powerhouse We have infrastructure with a train of LNG with capacity to expand and infrastructure linked to trade We have neighboring countries with a need for gas These are necessary ingredients to make Angola a regional powerhouse The Angolan state has provided the legal framework in order to develop the resources stated Barros Panelists discussed how the expansion of natural gas http bit ly 3XKfc6x in Angola and across the continent is in part being fueled by the global energy transition with gas serving as a relatively clean burning fossil fuel that releases 50 60 fewer emissions from combustion than coal or petroleum products According to Rone Gas is cleaner energy For Angola the opportunities are huge What is required to save costs by looking at technology that is proven and that is FLNG For us there is an opportunity for Angola to catch up with the trend of the development of offshore natural gas and that is through FLNG However Silva added that What has been missing from the conversation is the issue of carbon capture and storage CCS Angola at the stage it is in where it is transitioning from an oil province to an oil and gas province there is an advantage of moving to CCS hubs for the avoidance of the carbon Natural gas also represents a critical solution to easing fuel shortages in Angola with gas to power technology offering a cost effective alternative for power generation The country is seeking to raise its national electrification rate to 60 by 2025 on the back of new gas fired and renewable power generation capacity Natural gas is a fantastic complementary energy source It can work well in conjunction with existing renewables in Angola If we talk about power generation from gas turbines it is great because it is so flexible you can start and stop it within minutes unlike solar and other resources This helps in providing more coverage The existing infrastructure is not of the standards it needs to be so until then natural gas based power generation is a great complementary power generation solution stated Groot While the country currently exports 95 of its natural gas production in the form of Liquefied Natural Gas LNG through its Angola LNG project http bit ly 3gRuMNa it is aiming to retain 25 of production in country by 2030 via associated value added industries including petrochemicals fertilizer production agriculture and manufacturing The Angola LNG plant in Soyo is currently the country s only gas monetization facility processing gas from seven offshore fields and representing one of the largest single investments in the Angolan oil and gas industry We always talk about gas to power but we forget that this is only one side of the coin We need gas to power and all the infrastructure that comes with it We have to think of this strategically it is not only focusing on gas to power but actually the whole ecosystem to improve the lives of everyone stated Gomes Bastos expanded on the topic of the gas ecosystem stating that The ecosystem as a whole needs to be looked at When you look at global trends you are looking at the long term electrification of our society With electrification you start diversifying other industries Looking at the use of gas through other forms of feedstock there are vast opportunities for how you can transform gas molecules to other sources The trick is to make the conditions available to develop those industries
    Angola Oil and Gas (AOG) 2022 Talks Highlight Transforming Angola into a Regional Gas Player
      A dedicated panel at the Angola Oil amp Gas AOG 2022 conference http bit ly 3UyBCpP on Wednesday explored the key drivers and potential contributions of natural gas in Angola under the theme Natural Gas in Focus Gas to power Petrochemicals and LNG Outstanding Opportunities for Future Capacity Building Holding estimated recoverable natural gas reserves of 27 trillion cubic feet Angola has been historically slow to monetize its gas resources but recently launched a series of comprehensive gas monetization and utilization initiatives with a view to emerging as a regional gas player Moderated by Eric A Williams President amp Principal Consultant Royal Triangle Energy Solutions Limited panelists included Julius Rone Managing Director UTM Offshore Camilo Gomes Finance Manager Certex Angola LDA Ricardo Silva President Elect of the Association of International Energy Negotiators and Partner at Miranda amp Associates Rui Bastos Global Risk Energy Expert EY Ronald Groot Managing Director Angola Siemens Energy and Manuel Barros Chairman of the Executive Committee UNGER Williams kicked off the discussion by stating that Natural gas is the ideal resource that can assist in the development of the continent As natural gas is increasingly positioned as a key component of the energy transition http bit ly 3VBHRc0 and means of generating power easing fuel shortages and diversifying state revenue streams Angola s public and private sector have implemented an ambitious gas monetization campaign with speakers exploring the country s readiness to become a regional gas powerhouse So far we have all the ingredients to be a regional powerhouse We have infrastructure with a train of LNG with capacity to expand and infrastructure linked to trade We have neighboring countries with a need for gas These are necessary ingredients to make Angola a regional powerhouse The Angolan state has provided the legal framework in order to develop the resources stated Barros Panelists discussed how the expansion of natural gas http bit ly 3XKfc6x in Angola and across the continent is in part being fueled by the global energy transition with gas serving as a relatively clean burning fossil fuel that releases 50 60 fewer emissions from combustion than coal or petroleum products According to Rone Gas is cleaner energy For Angola the opportunities are huge What is required to save costs by looking at technology that is proven and that is FLNG For us there is an opportunity for Angola to catch up with the trend of the development of offshore natural gas and that is through FLNG However Silva added that What has been missing from the conversation is the issue of carbon capture and storage CCS Angola at the stage it is in where it is transitioning from an oil province to an oil and gas province there is an advantage of moving to CCS hubs for the avoidance of the carbon Natural gas also represents a critical solution to easing fuel shortages in Angola with gas to power technology offering a cost effective alternative for power generation The country is seeking to raise its national electrification rate to 60 by 2025 on the back of new gas fired and renewable power generation capacity Natural gas is a fantastic complementary energy source It can work well in conjunction with existing renewables in Angola If we talk about power generation from gas turbines it is great because it is so flexible you can start and stop it within minutes unlike solar and other resources This helps in providing more coverage The existing infrastructure is not of the standards it needs to be so until then natural gas based power generation is a great complementary power generation solution stated Groot While the country currently exports 95 of its natural gas production in the form of Liquefied Natural Gas LNG through its Angola LNG project http bit ly 3gRuMNa it is aiming to retain 25 of production in country by 2030 via associated value added industries including petrochemicals fertilizer production agriculture and manufacturing The Angola LNG plant in Soyo is currently the country s only gas monetization facility processing gas from seven offshore fields and representing one of the largest single investments in the Angolan oil and gas industry We always talk about gas to power but we forget that this is only one side of the coin We need gas to power and all the infrastructure that comes with it We have to think of this strategically it is not only focusing on gas to power but actually the whole ecosystem to improve the lives of everyone stated Gomes Bastos expanded on the topic of the gas ecosystem stating that The ecosystem as a whole needs to be looked at When you look at global trends you are looking at the long term electrification of our society With electrification you start diversifying other industries Looking at the use of gas through other forms of feedstock there are vast opportunities for how you can transform gas molecules to other sources The trick is to make the conditions available to develop those industries
    Angola Oil and Gas (AOG) 2022 Talks Highlight Transforming Angola into a Regional Gas Player
    Africa2 months ago

    Angola Oil and Gas (AOG) 2022 Talks Highlight Transforming Angola into a Regional Gas Player

    A dedicated panel at the Angola Oil & Gas (AOG) 2022 conference (http://bit.ly/3UyBCpP) on Wednesday explored the key drivers and potential contributions of natural gas in Angola, under the theme, ‘Natural Gas in Focus: Gas-to-power, Petrochemicals and LNG – Outstanding Opportunities for Future Capacity Building.’ Holding estimated recoverable natural gas reserves of 27 trillion cubic feet, Angola has been historically slow to monetize its gas resources, but recently launched a series of comprehensive gas monetization and utilization initiatives, with a view to emerging as a regional gas player.

    Moderated by Eric A.

    Williams, President & Principal Consultant, Royal Triangle Energy Solutions Limited, panelists included Julius Rone, Managing Director, UTM Offshore; Camilo Gomes, Finance Manager, Certex Angola LDA; Ricardo Silva, President-Elect of the Association of International Energy Negotiators and Partner at Miranda & Associates; Rui Bastos, Global Risk, Energy Expert, EY; Ronald Groot, Managing Director, Angola, Siemens Energy; and Manuel Barros, Chairman of the Executive Committee, UNGER.

    Williams kicked off the discussion by stating that, “Natural gas is the ideal resource that can assist in the development of the continent.” As natural gas is increasingly positioned as a key component of the energy transition (http://bit.ly/3VBHRc0) and means of generating power, easing fuel shortages and diversifying state revenue streams, Angola’s public and private sector have implemented an ambitious gas monetization campaign, with speakers exploring the country’s readiness to become a regional gas powerhouse.

    “So far, we have all the ingredients to be a regional powerhouse.

    We have infrastructure with a train of LNG with capacity to expand and infrastructure linked to trade.

    We have neighboring countries with a need for gas.

    These are necessary ingredients to make Angola a regional powerhouse.

    The Angolan state has provided the legal framework in order to develop the resources,” stated Barros.

    Panelists discussed how the expansion of natural gas (http://bit.ly/3XKfc6x) in Angola – and across the continent – is in part being fueled by the global energy transition, with gas serving as a relatively clean burning fossil fuel that releases 50-60% fewer emissions from combustion than coal or petroleum products.

    According to Rone, “Gas is cleaner energy.

    For Angola, the opportunities are huge.

    What is required to save costs by looking at technology that is proven, and that is FLNG.

    For us, there is an opportunity for Angola to catch up with the trend of the development of offshore natural gas and that is through FLNG.” However, Silva added that, “What has been missing from the conversation is the issue of carbon capture and storage (CCS).

    Angola, at the stage it is in, where it is transitioning from an oil province to an oil and gas province, there is an advantage of moving to CCS hubs for the avoidance of the carbon.” Natural gas also represents a critical solution to easing fuel shortages in Angola, with gas-to-power technology offering a cost-effective alternative for power generation.

    The country is seeking to raise its national electrification rate to 60% by 2025 on the back of new gas-fired and renewable power generation capacity.

    “Natural gas is a fantastic complementary energy source.

    It can work well in conjunction with existing renewables in Angola.

    If we talk about power generation from gas turbines, it is great because it is so flexible – you can start and stop it within minutes unlike solar and other resources.

    This helps in providing more coverage.

    The existing infrastructure is not of the standards it needs to be, so until then, natural gas-based power generation is a great complementary power generation solution,” stated Groot.

    While the country currently exports 95% of its natural gas production in the form of Liquefied Natural Gas (LNG) through its Angola LNG project (http://bit.ly/3gRuMNa), it is aiming to retain 25% of production in-country by 2030 via associated value-added industries, including petrochemicals, fertilizer production, agriculture and manufacturing.

    The Angola LNG plant in Soyo is currently the country’s only gas monetization facility, processing gas from seven offshore fields and representing one of the largest single investments in the Angolan oil and gas industry.

    “We always talk about gas to power, but we forget that this is only one side of the coin.

    We need gas to power and all the infrastructure that comes with it.

    We have to think of this strategically, it is not only focusing on gas to power but actually the whole ecosystem to improve the lives of everyone,” stated Gomes.

    Bastos expanded on the topic of the gas ecosystem, stating that, “The ecosystem as a whole needs to be looked at.

    When you look at global trends, you are looking at the long-term electrification of our society.

    With electrification, you start diversifying other industries.

    Looking at the use of gas through other forms of feedstock, there are vast opportunities for how you can transform gas molecules to other sources.

    The trick is to make the conditions available to develop those industries.”

  •   Angola s Ministry of Mineral Resources Petroleum and Gas MIREMPET launched its Special Report on the Oil Sector during the opening ceremony of the Angola Oil amp Gas AOG 2022 Conference amp Exhibition http bit ly 3UyBCpP on Tuesday Serving as an initiative of MIREMPET based on the Presidential Decree establishing the Inter Ministerial Commission for the Readjustment of the Oil Sector CIAROSP the publication offers an in depth analysis of the impacts of Angola s prolific energy sector reforms to date as well as future targets for growth through 2030 Since last June Angola has risen to become Africa s largest crude oil producer owing in part to comprehensive policy reforms initiated in 2018 beginning with the Regeneration Program of national oil company Sonangol and establishment of the National Agency for Oil Gas and Biofuels ANPG as independent concessionaire The 90 page dual language publication highlights the importance of a competitive regulatory framework and stable operating environment in establishing Angola as a top investment destination This report reflects not only the work of the sector but also records a living witness of each of the stakeholders and covers the work since the establishment of the ANPG the operationalization of the Regulatory Institute of Petroleum Derivatives IRDP the restructuring of Sonangol and the work and support from the oil companies of Angola We would like to emphasize their support and work stated K tia Epalanga Executive Director of the Office of MIREMPET The special report is the first publication of its kind uniting public and private sector insights into the past achievements and future outlook of Angola s energy sector including its role in the energy transition oil and gas growth prospects and latest developments in local content The publication features exclusive data on Angola s exploration and production gas and renewables refining and petrochemicals and distribution and commercialization activities along with interviews from MIREMPET Sonangol ANPG IRDP TotalEnergies Azule Energy Equinor ExxonMobil Chevron Angola LNG and Somoil The publication will be available for limited distribution at the AOG 2022 Conference amp Exhibition and is printed in both English and Portuguese The Special Report on the Petroleum Sector was produced by Energy Capital amp Power in partnership with MIREMPET
    Angola Launches Oil Sector Special Report at Angola Oil and Gas (AOG) 2022
      Angola s Ministry of Mineral Resources Petroleum and Gas MIREMPET launched its Special Report on the Oil Sector during the opening ceremony of the Angola Oil amp Gas AOG 2022 Conference amp Exhibition http bit ly 3UyBCpP on Tuesday Serving as an initiative of MIREMPET based on the Presidential Decree establishing the Inter Ministerial Commission for the Readjustment of the Oil Sector CIAROSP the publication offers an in depth analysis of the impacts of Angola s prolific energy sector reforms to date as well as future targets for growth through 2030 Since last June Angola has risen to become Africa s largest crude oil producer owing in part to comprehensive policy reforms initiated in 2018 beginning with the Regeneration Program of national oil company Sonangol and establishment of the National Agency for Oil Gas and Biofuels ANPG as independent concessionaire The 90 page dual language publication highlights the importance of a competitive regulatory framework and stable operating environment in establishing Angola as a top investment destination This report reflects not only the work of the sector but also records a living witness of each of the stakeholders and covers the work since the establishment of the ANPG the operationalization of the Regulatory Institute of Petroleum Derivatives IRDP the restructuring of Sonangol and the work and support from the oil companies of Angola We would like to emphasize their support and work stated K tia Epalanga Executive Director of the Office of MIREMPET The special report is the first publication of its kind uniting public and private sector insights into the past achievements and future outlook of Angola s energy sector including its role in the energy transition oil and gas growth prospects and latest developments in local content The publication features exclusive data on Angola s exploration and production gas and renewables refining and petrochemicals and distribution and commercialization activities along with interviews from MIREMPET Sonangol ANPG IRDP TotalEnergies Azule Energy Equinor ExxonMobil Chevron Angola LNG and Somoil The publication will be available for limited distribution at the AOG 2022 Conference amp Exhibition and is printed in both English and Portuguese The Special Report on the Petroleum Sector was produced by Energy Capital amp Power in partnership with MIREMPET
    Angola Launches Oil Sector Special Report at Angola Oil and Gas (AOG) 2022
    Africa2 months ago

    Angola Launches Oil Sector Special Report at Angola Oil and Gas (AOG) 2022

    Angola’s Ministry of Mineral Resources, Petroleum and Gas (MIREMPET) launched its Special Report on the Oil Sector during the opening ceremony of the Angola Oil & Gas (AOG) 2022 Conference & Exhibition (http://bit.ly/3UyBCpP) on Tuesday.

    Serving as an initiative of MIREMPET based on the Presidential Decree establishing the Inter-Ministerial Commission for the Readjustment of the Oil Sector (CIAROSP), the publication offers an in-depth analysis of the impacts of Angola’s prolific energy sector reforms to date, as well as future targets for growth through 2030.

    Since last June, Angola has risen to become Africa’s largest crude oil producer, owing in part to comprehensive policy reforms initiated in 2018, beginning with the Regeneration Program of national oil company Sonangol and establishment of the National Agency for Oil, Gas and Biofuels (ANPG) as independent concessionaire.

    The 90-page, dual-language publication highlights the importance of a competitive regulatory framework and stable operating environment in establishing Angola as a top investment destination.

    “This report reflects not only the work of the sector, but also records a living witness of each of the stakeholders and covers the work since the establishment of the ANPG, the operationalization of the Regulatory Institute of Petroleum Derivatives (IRDP), the restructuring of Sonangol, and the work and support from the oil companies of Angola.

    We would like to emphasize their support and work,” stated Kátia Epalanga, Executive Director of the Office of MIREMPET.

    The special report is the first publication of its kind, uniting public and private sector insights into the past achievements and future outlook of Angola’s energy sector, including its role in the energy transition, oil and gas growth prospects and latest developments in local content.

    The publication features exclusive data on Angola’s exploration and production, gas and renewables, refining and petrochemicals, and distribution and commercialization activities, along with interviews from MIREMPET, Sonangol, ANPG, IRDP,TotalEnergies, Azule Energy, Equinor, ExxonMobil, Chevron, Angola LNG and Somoil.

    The publication will be available for limited distribution at the AOG 2022 Conference & Exhibition and is printed in both English and Portuguese.

    The Special Report on the Petroleum Sector was produced by Energy Capital & Power, in partnership with MIREMPET.

  •   By NJ Ayuk Executive Chairman African Energy Chamber www EnergyChamber org The global gas markets are interconnected As the recently released report from the African Energy Chamber AEC The State of African Energy 2023 Outlook notes just how closely they re linked becomes more apparent and more important during times of strife such as the war in Ukraine Before invading Ukraine Russia expected to increase its gas production by 800 billion cubic meters bcm by 2030 both to expand its presence in the Chinese market and to maintain its European market share But just as Russia didn t consider the possibility of a protracted conflict with Ukraine it seems they also didn t predict the response across Europe Many customers expressed their outrage by cutting their imports of Russian natural gas The significant drop in export volumes to Europe is taking a substantial bite out of Russian revenues which in turn means that some projects like developing huge gas condensate resources in east Siberia and the Yamal Peninsula will be delayed by at least three to four years The AEC s latest estimates see Russia s average production loss at around 140 bcm per year between 2022 and 2030 We re All Connected As Russian output decreases global volumes of natural gas are expected to fall in the short term despite additional production in North America Prior to 2022 global natural gas volumes were expected to rise marginally higher But since the invasion of Ukraine the AEC report indicates a 150 bcm decrease for this year and anticipates a 165 bcm decrease in 2023 The decline over the medium term is even more striking The average drop in global output between 2022 and 2030 is estimated to exceed 200 bcm per year Because of Russia s dominance in the oil and gas industry we ll all feel the effects of their decreased production The resulting squeeze on the global LNG market likely will continue to push natural gas prices higher around the world Changing Market Partners What s more Europe s attempt to wean itself from Russian gas has put it in a precarious situation The region still needs huge volumes of liquefied natural gas LNG imports to fulfill their substantial energy needs The chamber s report anticipates Europe s LNG demand to increase by 20 40 million tonnes per annum mtpa through 2030 Europe wisely has been considering multiple strategies to replace the gas it had been receiving from Russia including more imports from Africa We expect to see Algeria Egypt and Nigeria leading African gas and LNG flows to Europe This seems like a natural progression After all as Africa s largest energy producers they already supply some natural gas to Europe and have enough capacity to increase production within the next few years While our report expects to see Africa s overall natural gas production dip through 2025 LNG exports are expected to pick up in short term in response to Europe s need Algeria for one is already supplying fuel directly to Spain and Italy through two pipelines across the floor of the Mediterranean Sea And with overall gas liquefaction capacity of about 75 3 mtpa this activity could help solve Europe s energy crunch in the medium term As I discussed back in August a few other African countries are pursuing some exciting long term natural gas developments that seem fit to help Europe free itself from its dependence on Russian gas Tanzania and Mozambique LNG plants capable of sending large volumes of fuel to European markets are expected near the end of the decade Republic of Congo A medium scale modular project may begin production a few years earlier than planned Mauritania and Namibia Several completely new grassroots greenfield projects are under discussion Angola A group of international majors plans to bring new fields online to facilitate LNG production Fortuna LNG in Equatorial Guinea GTA in Senegal and Mauritania Search for a Just Transition What we find quite striking is that amid campaigns for a carbon neutral future the pursuit of independence from Russian energy has softened Europe s stance on natural gas European countries which had been heavily pushing for African nations to make a rapid transition from fossil fuels to renewable energy sources have a renewed interest in investing in African gas The European Union has even started referring to gas as a green energy This reversal reveals a key lesson Wealthy countries will always seek to safeguard their own energy security at any cost This is not the case when it comes to radical environmental group extinction rebellion and privilege Europeans like Chloe Lebrand who have never spent a day without lights or gone hungry for a day I wish they can swap places with black girls in Africa rather than crop them out In their Orgarnisation black women are not hired They have made Africans fighting poverty their targets of their smear campaign against the gas industry I bet to say it is very racial for rich white liberals to engage in this approach White liberals are becoming the biggest stumbling block for black energy empowerment It is disappointing and no African child deserves to be victim of their anti African rhetoric and smears To be clear I am glad Europe is looking at Africa s natural gas in a new light I see their softened stance as a win win for both continents one with the potential to speed up the development of African gas infrastructure while helping Europe meet a pressing need I would only encourage Western leaders and radical environmental activists from around the globe to stop dismissing Africa s right to benefit from our natural gas reserves as well It is time to stop demonizing our oil and gas industry and pressuring Africa to stop pursuing new natural gas projects In light of our vast energy poverty a crisis impacting more than 600 million Africans it is not at all unreasonable to harness our resources for much needed gas to power initiatives Nor is it unreasonable to use our gas resources to foster economic growth industrialize Africa diversify our economies and create a better future for our rapidly growing population It is not unreasonable for Africa to set the timing for our transition to renewable energy sources either Those are a few of the reasons that the AEC will continue working unapologetically well into the future to foster a thriving natural gas industry for Africa I encourage you to read the rest of our natural gas outlook along with our other expectations for 2023 in the full report available at http bit ly 3NbQLtD
    Africa’s Gas Markets Interconnected and in a Squeeze Going Into 2023 (By NJ Ayuk)
      By NJ Ayuk Executive Chairman African Energy Chamber www EnergyChamber org The global gas markets are interconnected As the recently released report from the African Energy Chamber AEC The State of African Energy 2023 Outlook notes just how closely they re linked becomes more apparent and more important during times of strife such as the war in Ukraine Before invading Ukraine Russia expected to increase its gas production by 800 billion cubic meters bcm by 2030 both to expand its presence in the Chinese market and to maintain its European market share But just as Russia didn t consider the possibility of a protracted conflict with Ukraine it seems they also didn t predict the response across Europe Many customers expressed their outrage by cutting their imports of Russian natural gas The significant drop in export volumes to Europe is taking a substantial bite out of Russian revenues which in turn means that some projects like developing huge gas condensate resources in east Siberia and the Yamal Peninsula will be delayed by at least three to four years The AEC s latest estimates see Russia s average production loss at around 140 bcm per year between 2022 and 2030 We re All Connected As Russian output decreases global volumes of natural gas are expected to fall in the short term despite additional production in North America Prior to 2022 global natural gas volumes were expected to rise marginally higher But since the invasion of Ukraine the AEC report indicates a 150 bcm decrease for this year and anticipates a 165 bcm decrease in 2023 The decline over the medium term is even more striking The average drop in global output between 2022 and 2030 is estimated to exceed 200 bcm per year Because of Russia s dominance in the oil and gas industry we ll all feel the effects of their decreased production The resulting squeeze on the global LNG market likely will continue to push natural gas prices higher around the world Changing Market Partners What s more Europe s attempt to wean itself from Russian gas has put it in a precarious situation The region still needs huge volumes of liquefied natural gas LNG imports to fulfill their substantial energy needs The chamber s report anticipates Europe s LNG demand to increase by 20 40 million tonnes per annum mtpa through 2030 Europe wisely has been considering multiple strategies to replace the gas it had been receiving from Russia including more imports from Africa We expect to see Algeria Egypt and Nigeria leading African gas and LNG flows to Europe This seems like a natural progression After all as Africa s largest energy producers they already supply some natural gas to Europe and have enough capacity to increase production within the next few years While our report expects to see Africa s overall natural gas production dip through 2025 LNG exports are expected to pick up in short term in response to Europe s need Algeria for one is already supplying fuel directly to Spain and Italy through two pipelines across the floor of the Mediterranean Sea And with overall gas liquefaction capacity of about 75 3 mtpa this activity could help solve Europe s energy crunch in the medium term As I discussed back in August a few other African countries are pursuing some exciting long term natural gas developments that seem fit to help Europe free itself from its dependence on Russian gas Tanzania and Mozambique LNG plants capable of sending large volumes of fuel to European markets are expected near the end of the decade Republic of Congo A medium scale modular project may begin production a few years earlier than planned Mauritania and Namibia Several completely new grassroots greenfield projects are under discussion Angola A group of international majors plans to bring new fields online to facilitate LNG production Fortuna LNG in Equatorial Guinea GTA in Senegal and Mauritania Search for a Just Transition What we find quite striking is that amid campaigns for a carbon neutral future the pursuit of independence from Russian energy has softened Europe s stance on natural gas European countries which had been heavily pushing for African nations to make a rapid transition from fossil fuels to renewable energy sources have a renewed interest in investing in African gas The European Union has even started referring to gas as a green energy This reversal reveals a key lesson Wealthy countries will always seek to safeguard their own energy security at any cost This is not the case when it comes to radical environmental group extinction rebellion and privilege Europeans like Chloe Lebrand who have never spent a day without lights or gone hungry for a day I wish they can swap places with black girls in Africa rather than crop them out In their Orgarnisation black women are not hired They have made Africans fighting poverty their targets of their smear campaign against the gas industry I bet to say it is very racial for rich white liberals to engage in this approach White liberals are becoming the biggest stumbling block for black energy empowerment It is disappointing and no African child deserves to be victim of their anti African rhetoric and smears To be clear I am glad Europe is looking at Africa s natural gas in a new light I see their softened stance as a win win for both continents one with the potential to speed up the development of African gas infrastructure while helping Europe meet a pressing need I would only encourage Western leaders and radical environmental activists from around the globe to stop dismissing Africa s right to benefit from our natural gas reserves as well It is time to stop demonizing our oil and gas industry and pressuring Africa to stop pursuing new natural gas projects In light of our vast energy poverty a crisis impacting more than 600 million Africans it is not at all unreasonable to harness our resources for much needed gas to power initiatives Nor is it unreasonable to use our gas resources to foster economic growth industrialize Africa diversify our economies and create a better future for our rapidly growing population It is not unreasonable for Africa to set the timing for our transition to renewable energy sources either Those are a few of the reasons that the AEC will continue working unapologetically well into the future to foster a thriving natural gas industry for Africa I encourage you to read the rest of our natural gas outlook along with our other expectations for 2023 in the full report available at http bit ly 3NbQLtD
    Africa’s Gas Markets Interconnected and in a Squeeze Going Into 2023 (By NJ Ayuk)
    Africa2 months ago

    Africa’s Gas Markets Interconnected and in a Squeeze Going Into 2023 (By NJ Ayuk)

    By NJ Ayuk, Executive Chairman, African Energy Chamber (www.EnergyChamber.org) The global gas markets are interconnected.

    As the recently released report from the African Energy Chamber (AEC), “The State of African Energy: 2023 Outlook,” notes, just how closely they’re linked becomes more apparent — and more important — during times of strife, such as the war in Ukraine.

    Before invading Ukraine, Russia expected to increase its gas production by 800 billion cubic meters (bcm) by 2030, both to expand its presence in the Chinese market and to maintain its European market share.

    But just as Russia didn’t consider the possibility of a protracted conflict with Ukraine, it seems they also didn’t predict the response across Europe: Many customers expressed their outrage by cutting their imports of Russian natural gas.

    The significant drop in export volumes to Europe is taking a substantial bite out of Russian revenues, which in turn means that some projects — like developing huge gas condensate resources in east Siberia and the Yamal Peninsula — will be delayed by at least three to four years.

    The AEC’s latest estimates see Russia’s average production loss at around 140 bcm per year between 2022 and 2030.

    We’re All Connected As Russian output decreases, global volumes of natural gas are expected to fall in the short term, despite additional production in North America.

    Prior to 2022, global natural gas volumes were expected to rise marginally higher.

    But since the invasion of Ukraine, the AEC report indicates a 150 bcm decrease for this year and anticipates a 165 bcm decrease in 2023.

    The decline over the medium term is even more striking: The average drop in global output between 2022 and 2030 is estimated to exceed 200 bcm per year.

    Because of Russia’s dominance in the oil and gas industry, we’ll all feel the effects of their decreased production.

    The resulting squeeze on the global LNG market likely will continue to push natural gas prices higher around the world.

    Changing Market Partners What’s more, Europe’s attempt to wean itself from Russian gas has put it in a precarious situation.

    The region still needs huge volumes of liquefied natural gas (LNG) imports to fulfill their substantial energy needs.

    The chamber’s report anticipates Europe’s LNG demand to increase by 20-40 million tonnes per annum (mtpa) through 2030.

    Europe, wisely, has been considering multiple strategies to replace the gas it had been receiving from Russia, including more imports from Africa.

    We expect to see Algeria, Egypt, and Nigeria leading African gas and LNG flows to Europe.

    This seems like a natural progression.

    After all, as Africa’s largest energy producers they already supply some natural gas to Europe and have enough capacity to increase production within the next few years.

    While our report expects to see Africa’s overall natural gas production dip through 2025, LNG exports are expected to pick up in short term in response to Europe’s need.

    Algeria, for one, is already supplying fuel directly to Spain and Italy through two pipelines across the floor of the Mediterranean Sea. And with overall gas liquefaction capacity of about 75.3 mtpa, this activity could help solve Europe’s energy crunch in the medium term.

    As I discussed back in August, a few other African countries are pursuing some exciting long-term natural gas developments that seem fit to help Europe free itself from its dependence on Russian gas: Tanzania and Mozambique: LNG plants capable of sending large volumes of fuel to European markets are expected near the end of the decade.

    Republic of Congo: A medium-scale modular project may begin production a few years earlier than planned.

    Mauritania and Namibia: Several completely new grassroots greenfield projects are under discussion.

    Angola: A group of international majors plans to bring new fields online to facilitate LNG production.

    Fortuna LNG in Equatorial Guinea GTA in Senegal and Mauritania Search for a ‘Just’ Transition What we find quite striking is that, amid campaigns for a carbon-neutral future, the pursuit of independence from Russian energy has softened Europe’s stance on natural gas.

    European countries, which had been heavily pushing for African nations to make a rapid transition from fossil fuels to renewable energy sources, have a renewed interest in investing in African gas.

    The European Union has even started referring to gas as a “green energy.” This reversal reveals a key lesson: Wealthy countries will always seek to safeguard their own energy security – at any cost.

    This is not the case when it comes to radical environmental group extinction rebellion and privilege Europeans like Chloe Lebrand who have never spent a day without lights or gone hungry for a day.

    I wish they can swap places with black girls in Africa rather than crop them out.

    In their Orgarnisation, black women are not hired.

    They have made Africans fighting poverty their targets of their smear campaign against the gas industry.

    I bet to say it is very racial for rich white liberals to engage in this approach.

    White liberals are becoming the biggest stumbling block for black energy empowerment.

     It is disappointing and no African child deserves to be victim of their anti-African rhetoric and smears.

    To be clear, I am glad Europe is looking at Africa’s natural gas in a new light.

    I see their softened stance as a win-win for both continents, one with the potential to speed up the development of African gas infrastructure while helping Europe meet a pressing need.

    I would only encourage Western leaders and radical environmental activists from around the globe to stop dismissing Africa’s right to benefit from our natural gas reserves as well.

    It is time to stop demonizing our oil and gas industry and pressuring Africa to stop pursuing new natural gas projects.

    In light of our vast energy poverty—a crisis impacting more than 600 million Africans—it is not at all unreasonable to harness our resources for much-needed gas-to-power initiatives.

    Nor is it unreasonable to use our gas resources to foster economic growth, industrialize Africa, diversify our economies, and create a better future for our rapidly growing population.

    It is not unreasonable for Africa to set the timing for our transition to renewable energy sources, either.

    Those are a few of the reasons that the AEC will continue working, unapologetically, well into the future to foster a thriving natural gas industry for Africa.

    I encourage you to read the rest of our natural gas outlook, along with our other expectations for 2023, in the full report available at http://bit.ly/3NbQLtD.

  •   The energy situation will be even worse next winter in Sweden an expert from the Swedish Energy Agency warned on Saturday The Swedes who have already experienced exceptionally high energy prices can expect even higher prices next winter the newspaper Dagens Nyheter DN reported citing Anders Wallinder the agency s head of security of supply As a consequence of the conflict between Russia and Ukraine Europe is trying to minimize its energy dependence on Russia Before the conflict 40 percent of the natural gas consumed in Europe was imported from Russia A citizen rides a bicycle on a road in Stockholm Sweden on November 21 2022 Photo by Wei Xuechao Therefore before the winter of 2023 2024 Europe will be dependent on shipments of liquefied natural gas LNG from the United States and the Middle East In addition to being considerably more expensive than natural gas there are practical challenges such as the fact that the current system relies heavily on imports from the east which would have to be replaced by terminals for shipments coming from the other direction he reported DN This will be resolved but not without problems Wallinder said This photo taken on October 28 2022 shows a pedestrian looking at Hogberg s lighting store in the old town of Stockholm Sweden Photo by Patrick Ekstrand Unlike many other European countries Sweden s dependence on gas is very small according to the Swedish Energy Agency Natural gas only accounts for 3 percent of the total energy used However since the Swedish electricity grid is connected to the rest of Europe Sweden especially the southern regions of the country is also affected by high energy prices according to the DN report Xinhua
    Swedes may face ‘even worse’ energy situation next winter: expert
      The energy situation will be even worse next winter in Sweden an expert from the Swedish Energy Agency warned on Saturday The Swedes who have already experienced exceptionally high energy prices can expect even higher prices next winter the newspaper Dagens Nyheter DN reported citing Anders Wallinder the agency s head of security of supply As a consequence of the conflict between Russia and Ukraine Europe is trying to minimize its energy dependence on Russia Before the conflict 40 percent of the natural gas consumed in Europe was imported from Russia A citizen rides a bicycle on a road in Stockholm Sweden on November 21 2022 Photo by Wei Xuechao Therefore before the winter of 2023 2024 Europe will be dependent on shipments of liquefied natural gas LNG from the United States and the Middle East In addition to being considerably more expensive than natural gas there are practical challenges such as the fact that the current system relies heavily on imports from the east which would have to be replaced by terminals for shipments coming from the other direction he reported DN This will be resolved but not without problems Wallinder said This photo taken on October 28 2022 shows a pedestrian looking at Hogberg s lighting store in the old town of Stockholm Sweden Photo by Patrick Ekstrand Unlike many other European countries Sweden s dependence on gas is very small according to the Swedish Energy Agency Natural gas only accounts for 3 percent of the total energy used However since the Swedish electricity grid is connected to the rest of Europe Sweden especially the southern regions of the country is also affected by high energy prices according to the DN report Xinhua
    Swedes may face ‘even worse’ energy situation next winter: expert
    Foreign2 months ago

    Swedes may face ‘even worse’ energy situation next winter: expert

    - The energy situation will be even worse next winter in Sweden, an expert from the Swedish Energy Agency warned on Saturday.

    The Swedes, who have already experienced exceptionally high energy prices, can expect even higher prices next winter, the newspaper Dagens Nyheter (DN) reported, citing Anders Wallinder, the agency's head of security of supply.

    As a consequence of the conflict between Russia and Ukraine, Europe is trying to minimize its energy dependence on Russia. Before the conflict, 40 percent of the natural gas consumed in Europe was imported from Russia.

    A citizen rides a bicycle on a road in Stockholm, Sweden, on November 21, 2022. (Photo by Wei Xuechao/)

    Therefore, before the winter of 2023/2024, Europe will be dependent on shipments of liquefied natural gas (LNG) from the United States and the Middle East.

    In addition to being considerably more expensive than natural gas, there are practical challenges, such as the fact that the current system relies heavily on imports from the east, which would have to be replaced by terminals for shipments coming from the other direction, he reported. DN.

    "This will be resolved, but not without problems," Wallinder said.

    This photo taken on October 28, 2022 shows a pedestrian looking at Hogberg's lighting store in the old town of Stockholm, Sweden. (Photo by Patrick Ekstrand/)

    Unlike many other European countries, Sweden's dependence on gas is very small, according to the Swedish Energy Agency. Natural gas only accounts for 3 percent of the total energy used.

    However, since the Swedish electricity grid is connected to the rest of Europe, Sweden, especially the southern regions of the country, is also affected by high energy prices, according to the DN report. ■



    (Xinhua)

  •   The energy situation will be even worse next winter in Sweden an expert from the Swedish Energy Agency warned on Saturday The Swedes who have already experienced exceptionally high energy prices can expect even higher prices next winter the newspaper Dagens Nyheter DN reported citing Anders Wallinder the agency s head of security of supply As a consequence of the conflict between Russia and Ukraine Europe is trying to minimize its energy dependence on Russia Before the conflict 40 percent of the natural gas consumed in Europe was imported from Russia A citizen rides a bicycle on a road in Stockholm Sweden on November 21 2022 Photo by Wei Xuechao Therefore before the winter of 2023 2024 Europe will be dependent on shipments of liquefied natural gas LNG from the United States and the Middle East In addition to being considerably more expensive than natural gas there are practical challenges such as the fact that the current system relies heavily on imports from the east which would have to be replaced by terminals for shipments coming from the other direction he reported DN This will be resolved but not without problems Wallinder said This photo taken on October 28 2022 shows a pedestrian looking at Hogberg s lighting store in the old town of Stockholm Sweden Photo by Patrick Ekstrand Unlike many other European countries Sweden s dependence on gas is very small according to the Swedish Energy Agency Natural gas only accounts for 3 percent of the total energy used However since the Swedish electricity grid is connected to the rest of Europe Sweden especially the southern regions of the country is also affected by high energy prices according to the DN report Xinhua
    Swedes may face ‘even worse’ energy situation next winter: expert
      The energy situation will be even worse next winter in Sweden an expert from the Swedish Energy Agency warned on Saturday The Swedes who have already experienced exceptionally high energy prices can expect even higher prices next winter the newspaper Dagens Nyheter DN reported citing Anders Wallinder the agency s head of security of supply As a consequence of the conflict between Russia and Ukraine Europe is trying to minimize its energy dependence on Russia Before the conflict 40 percent of the natural gas consumed in Europe was imported from Russia A citizen rides a bicycle on a road in Stockholm Sweden on November 21 2022 Photo by Wei Xuechao Therefore before the winter of 2023 2024 Europe will be dependent on shipments of liquefied natural gas LNG from the United States and the Middle East In addition to being considerably more expensive than natural gas there are practical challenges such as the fact that the current system relies heavily on imports from the east which would have to be replaced by terminals for shipments coming from the other direction he reported DN This will be resolved but not without problems Wallinder said This photo taken on October 28 2022 shows a pedestrian looking at Hogberg s lighting store in the old town of Stockholm Sweden Photo by Patrick Ekstrand Unlike many other European countries Sweden s dependence on gas is very small according to the Swedish Energy Agency Natural gas only accounts for 3 percent of the total energy used However since the Swedish electricity grid is connected to the rest of Europe Sweden especially the southern regions of the country is also affected by high energy prices according to the DN report Xinhua
    Swedes may face ‘even worse’ energy situation next winter: expert
    Foreign2 months ago

    Swedes may face ‘even worse’ energy situation next winter: expert

    - The energy situation will be even worse next winter in Sweden, an expert from the Swedish Energy Agency warned on Saturday.

    The Swedes, who have already experienced exceptionally high energy prices, can expect even higher prices next winter, the newspaper Dagens Nyheter (DN) reported, citing Anders Wallinder, the agency's head of security of supply.

    As a consequence of the conflict between Russia and Ukraine, Europe is trying to minimize its energy dependence on Russia. Before the conflict, 40 percent of the natural gas consumed in Europe was imported from Russia.

    A citizen rides a bicycle on a road in Stockholm, Sweden, on November 21, 2022. (Photo by Wei Xuechao/)

    Therefore, before the winter of 2023/2024, Europe will be dependent on shipments of liquefied natural gas (LNG) from the United States and the Middle East.

    In addition to being considerably more expensive than natural gas, there are practical challenges, such as the fact that the current system relies heavily on imports from the east, which would have to be replaced by terminals for shipments coming from the other direction, he reported. DN.

    "This will be resolved, but not without problems," Wallinder said.

    This photo taken on October 28, 2022 shows a pedestrian looking at Hogberg's lighting store in the old town of Stockholm, Sweden. (Photo by Patrick Ekstrand/)

    Unlike many other European countries, Sweden's dependence on gas is very small, according to the Swedish Energy Agency. Natural gas only accounts for 3 percent of the total energy used.

    However, since the Swedish electricity grid is connected to the rest of Europe, Sweden, especially the southern regions of the country, is also affected by high energy prices, according to the DN report. ■



    (Xinhua)

  •   The energy situation will be even worse next winter in Sweden an expert from the Swedish Energy Agency warned on Saturday The Swedes who have already experienced exceptionally high energy prices can expect even higher prices next winter the newspaper Dagens Nyheter DN reported citing Anders Wallinder the agency s head of security of supply As a consequence of the conflict between Russia and Ukraine Europe is trying to minimize its energy dependence on Russia Before the conflict 40 percent of the natural gas consumed in Europe was imported from Russia Therefore before the winter of 2023 2024 Europe will be dependent on shipments of liquefied natural gas LNG from the United States and the Middle East In addition to being considerably more expensive than natural gas there are practical challenges such as the fact that the current system relies heavily on imports from the east which would have to be replaced by terminals for shipments coming from the other direction he reported DN This will be resolved but not without problems Wallinder said Unlike many other European countries Sweden s dependence on gas is very small according to the Swedish Energy Agency Natural gas only accounts for 3 percent of the total energy used However since the Swedish electricity grid is connected to the rest of Europe Sweden especially the southern regions of the country is also affected by high energy prices according to the DN report Xinhua
    Swedes may face ‘even worse’ energy situation next winter: expert
      The energy situation will be even worse next winter in Sweden an expert from the Swedish Energy Agency warned on Saturday The Swedes who have already experienced exceptionally high energy prices can expect even higher prices next winter the newspaper Dagens Nyheter DN reported citing Anders Wallinder the agency s head of security of supply As a consequence of the conflict between Russia and Ukraine Europe is trying to minimize its energy dependence on Russia Before the conflict 40 percent of the natural gas consumed in Europe was imported from Russia Therefore before the winter of 2023 2024 Europe will be dependent on shipments of liquefied natural gas LNG from the United States and the Middle East In addition to being considerably more expensive than natural gas there are practical challenges such as the fact that the current system relies heavily on imports from the east which would have to be replaced by terminals for shipments coming from the other direction he reported DN This will be resolved but not without problems Wallinder said Unlike many other European countries Sweden s dependence on gas is very small according to the Swedish Energy Agency Natural gas only accounts for 3 percent of the total energy used However since the Swedish electricity grid is connected to the rest of Europe Sweden especially the southern regions of the country is also affected by high energy prices according to the DN report Xinhua
    Swedes may face ‘even worse’ energy situation next winter: expert
    Foreign2 months ago

    Swedes may face ‘even worse’ energy situation next winter: expert

    - The energy situation will be even worse next winter in Sweden, an expert from the Swedish Energy Agency warned on Saturday.

    The Swedes, who have already experienced exceptionally high energy prices, can expect even higher prices next winter, the newspaper Dagens Nyheter (DN) reported, citing Anders Wallinder, the agency's head of security of supply.

    As a consequence of the conflict between Russia and Ukraine, Europe is trying to minimize its energy dependence on Russia. Before the conflict, 40 percent of the natural gas consumed in Europe was imported from Russia.

    Therefore, before the winter of 2023/2024, Europe will be dependent on shipments of liquefied natural gas (LNG) from the United States and the Middle East. In addition to being considerably more expensive than natural gas, there are practical challenges, such as the fact that the current system relies heavily on imports from the east, which would have to be replaced by terminals for shipments coming from the other direction, he reported. DN.

    "This will be resolved, but not without problems," Wallinder said.

    Unlike many other European countries, Sweden's dependence on gas is very small, according to the Swedish Energy Agency. Natural gas only accounts for 3 percent of the total energy used. However, since the Swedish electricity grid is connected to the rest of Europe, Sweden, especially the southern regions of the country, is also affected by high energy prices, according to the DN report. ■



    (Xinhua)

  •   The energy situation will be even worse next winter in Sweden an expert from the Swedish Energy Agency warned on Saturday The Swedes who have already experienced exceptionally high energy prices can expect even higher prices next winter the newspaper Dagens Nyheter DN reported citing Anders Wallinder the agency s head of security of supply As a consequence of the conflict between Russia and Ukraine Europe is trying to minimize its energy dependence on Russia Before the conflict 40 percent of the natural gas consumed in Europe was imported from Russia Therefore before the winter of 2023 2024 Europe will be dependent on shipments of liquefied natural gas LNG from the United States and the Middle East In addition to being considerably more expensive than natural gas there are practical challenges such as the fact that the current system relies heavily on imports from the east which would have to be replaced by terminals for shipments coming from the other direction he reported DN This will be resolved but not without problems Wallinder said Unlike many other European countries Sweden s dependence on gas is very small according to the Swedish Energy Agency Natural gas only accounts for 3 percent of the total energy used However since the Swedish electricity grid is connected to the rest of Europe Sweden especially the southern regions of the country is also affected by high energy prices according to the DN report Xinhua
    Swedes may face ‘even worse’ energy situation next winter: expert
      The energy situation will be even worse next winter in Sweden an expert from the Swedish Energy Agency warned on Saturday The Swedes who have already experienced exceptionally high energy prices can expect even higher prices next winter the newspaper Dagens Nyheter DN reported citing Anders Wallinder the agency s head of security of supply As a consequence of the conflict between Russia and Ukraine Europe is trying to minimize its energy dependence on Russia Before the conflict 40 percent of the natural gas consumed in Europe was imported from Russia Therefore before the winter of 2023 2024 Europe will be dependent on shipments of liquefied natural gas LNG from the United States and the Middle East In addition to being considerably more expensive than natural gas there are practical challenges such as the fact that the current system relies heavily on imports from the east which would have to be replaced by terminals for shipments coming from the other direction he reported DN This will be resolved but not without problems Wallinder said Unlike many other European countries Sweden s dependence on gas is very small according to the Swedish Energy Agency Natural gas only accounts for 3 percent of the total energy used However since the Swedish electricity grid is connected to the rest of Europe Sweden especially the southern regions of the country is also affected by high energy prices according to the DN report Xinhua
    Swedes may face ‘even worse’ energy situation next winter: expert
    Foreign2 months ago

    Swedes may face ‘even worse’ energy situation next winter: expert

    - The energy situation will be even worse next winter in Sweden, an expert from the Swedish Energy Agency warned on Saturday.

    The Swedes, who have already experienced exceptionally high energy prices, can expect even higher prices next winter, the newspaper Dagens Nyheter (DN) reported, citing Anders Wallinder, the agency's head of security of supply.

    As a consequence of the conflict between Russia and Ukraine, Europe is trying to minimize its energy dependence on Russia. Before the conflict, 40 percent of the natural gas consumed in Europe was imported from Russia.

    Therefore, before the winter of 2023/2024, Europe will be dependent on shipments of liquefied natural gas (LNG) from the United States and the Middle East. In addition to being considerably more expensive than natural gas, there are practical challenges, such as the fact that the current system relies heavily on imports from the east, which would have to be replaced by terminals for shipments coming from the other direction, he reported. DN.

    "This will be resolved, but not without problems," Wallinder said.

    Unlike many other European countries, Sweden's dependence on gas is very small, according to the Swedish Energy Agency. Natural gas only accounts for 3 percent of the total energy used. However, since the Swedish electricity grid is connected to the rest of Europe, Sweden, especially the southern regions of the country, is also affected by high energy prices, according to the DN report. ■



    (Xinhua)

  •   Although Germany s gas storage level reached 100 percent last week Europe s largest economy is still struggling to achieve long term energy independence after decades of heavy reliance on imports German Minister for Economic Affairs and Climate Action Robert Habeck called this a mistake by previous administrations and now the country faces the immediate challenge of getting enough fuel to avoid blackouts over the winter However in the long term Germany will have to conclude multiple new energy partnerships and achieve energy independence by investing in renewable energy HIT BY THE ENERGY CRISIS A large net importer of energy with 70 percent coming from fossil fuel and uranium imports Germany was hit particularly hard by the energy crisis in Europe As of early 2022 Russia was still providing Germany with more than half of its coal and natural gas supplies along with 34 percent of oil supplies After Russia s gas supply to Europe via the crucial Nord Stream 1 pipeline was already cut off in early September both Nord Stream 1 and 2 were damaged and rendered inoperable by a series of explosions that caused gas leaks underwater at the end of September 2022 Due to the increased uncertainty amid the current situation Germany s largest energy provider E ON further reduced the value of its stake in Nord Stream 1 The company s 15 5 percent stake it was devalued to only 100 million euros 103 million US dollars below 500 million euros at the end of June Having declared the Level 2 Alert Level of the gas emergency plan the Bundesnetzagentur BNetzA the German regulatory office responsible for electricity and gas has been busy safeguarding pre winter gas supplies and storages now they are full As part of energy saving measures minimum room temperatures have been lowered monuments are no longer lit and the country s million private pools and jacuzzis will have to remain unheated during the winter The BNetzA stressed the need to reduce consumption by at least 20 percent INEVITABLE POLICY CHANGES Before this energy brinkmanship came into play Germany had a stated goal of phasing out coal fired power plants by 2030 and decommissioning all nuclear plants by the end of 2022 However the government had to do a U turn in nuclear power and coal fired power plants to protect your power supplies and address an immediate shortfall After internal disputes within the governing coalition Chancellor Olaf Scholz intervened and allowed the three German nuclear plants to continue generating electricity through the winter until April 15 2023 While there have been short term successes in gas storage Germany is looking elsewhere to shore up gas supplies to end its energy dependency To diversify imports Habeck quickly began gas supply talks with Norway Canada and the United States Germany has also signaled its interest in discussing a natural gas pact with the United Kingdom UK with a view to including a mutual bailout clause in case of shortages during an extreme cold snap The UK s long coastline is a geographical advantage when it comes to infrastructure for importing liquefied natural gas LNG BNetzA boss Klaus Mueller recently told The Guardian INDEPENDENCE THROUGH RENEWABLES The extension of the useful life of nuclear and coal power plants could be seen as a setback for Germany s environmental plans Habeck however now sees an accelerated expansion of renewable energy capacity as a vital tool for achieving energy independence and climate protection As the share of renewable energy increases Germany will reduce its need to import energy The government aims to cover all of the country s electricity needs with renewable energy by 2035 five years ahead of the original target Already by 2030 the share of wind and solar power will roughly double from current levels to 80 percent All these plans however are of little help today Although gas storage facilities are now full and Germany has security of supply agreements throughout the European Union EU an extreme cold snap would test the public s resolve to reduce energy consumption Blackouts could be avoided but the supply situation remains extremely tense German power transmission network operator Amprion said With the destruction of sections of the Nord Stream oil pipelines it is clear that the country will not have the option of returning to its historical energy structure Until renewables are ready the diversification of energy supplies will become an increasingly pressing issue 1 euro 1 03 US dollars Xinhua
    Germany Strives to Achieve Long-Term Energy Independence-
      Although Germany s gas storage level reached 100 percent last week Europe s largest economy is still struggling to achieve long term energy independence after decades of heavy reliance on imports German Minister for Economic Affairs and Climate Action Robert Habeck called this a mistake by previous administrations and now the country faces the immediate challenge of getting enough fuel to avoid blackouts over the winter However in the long term Germany will have to conclude multiple new energy partnerships and achieve energy independence by investing in renewable energy HIT BY THE ENERGY CRISIS A large net importer of energy with 70 percent coming from fossil fuel and uranium imports Germany was hit particularly hard by the energy crisis in Europe As of early 2022 Russia was still providing Germany with more than half of its coal and natural gas supplies along with 34 percent of oil supplies After Russia s gas supply to Europe via the crucial Nord Stream 1 pipeline was already cut off in early September both Nord Stream 1 and 2 were damaged and rendered inoperable by a series of explosions that caused gas leaks underwater at the end of September 2022 Due to the increased uncertainty amid the current situation Germany s largest energy provider E ON further reduced the value of its stake in Nord Stream 1 The company s 15 5 percent stake it was devalued to only 100 million euros 103 million US dollars below 500 million euros at the end of June Having declared the Level 2 Alert Level of the gas emergency plan the Bundesnetzagentur BNetzA the German regulatory office responsible for electricity and gas has been busy safeguarding pre winter gas supplies and storages now they are full As part of energy saving measures minimum room temperatures have been lowered monuments are no longer lit and the country s million private pools and jacuzzis will have to remain unheated during the winter The BNetzA stressed the need to reduce consumption by at least 20 percent INEVITABLE POLICY CHANGES Before this energy brinkmanship came into play Germany had a stated goal of phasing out coal fired power plants by 2030 and decommissioning all nuclear plants by the end of 2022 However the government had to do a U turn in nuclear power and coal fired power plants to protect your power supplies and address an immediate shortfall After internal disputes within the governing coalition Chancellor Olaf Scholz intervened and allowed the three German nuclear plants to continue generating electricity through the winter until April 15 2023 While there have been short term successes in gas storage Germany is looking elsewhere to shore up gas supplies to end its energy dependency To diversify imports Habeck quickly began gas supply talks with Norway Canada and the United States Germany has also signaled its interest in discussing a natural gas pact with the United Kingdom UK with a view to including a mutual bailout clause in case of shortages during an extreme cold snap The UK s long coastline is a geographical advantage when it comes to infrastructure for importing liquefied natural gas LNG BNetzA boss Klaus Mueller recently told The Guardian INDEPENDENCE THROUGH RENEWABLES The extension of the useful life of nuclear and coal power plants could be seen as a setback for Germany s environmental plans Habeck however now sees an accelerated expansion of renewable energy capacity as a vital tool for achieving energy independence and climate protection As the share of renewable energy increases Germany will reduce its need to import energy The government aims to cover all of the country s electricity needs with renewable energy by 2035 five years ahead of the original target Already by 2030 the share of wind and solar power will roughly double from current levels to 80 percent All these plans however are of little help today Although gas storage facilities are now full and Germany has security of supply agreements throughout the European Union EU an extreme cold snap would test the public s resolve to reduce energy consumption Blackouts could be avoided but the supply situation remains extremely tense German power transmission network operator Amprion said With the destruction of sections of the Nord Stream oil pipelines it is clear that the country will not have the option of returning to its historical energy structure Until renewables are ready the diversification of energy supplies will become an increasingly pressing issue 1 euro 1 03 US dollars Xinhua
    Germany Strives to Achieve Long-Term Energy Independence-
    Foreign2 months ago

    Germany Strives to Achieve Long-Term Energy Independence-

    - Although Germany's gas storage level reached 100 percent last week, Europe's largest economy is still struggling to achieve long-term energy independence after decades of heavy reliance on imports.

    German Minister for Economic Affairs and Climate Action Robert Habeck called this a "mistake" by previous administrations and now the country faces the immediate challenge of getting enough fuel to avoid blackouts over the winter.

    However, in the long term, Germany will have to conclude multiple new energy partnerships and achieve energy independence by investing in renewable energy.

    HIT BY THE ENERGY CRISIS

    A large net importer of energy with 70 percent coming from fossil fuel and uranium imports, Germany was hit particularly hard by the energy crisis in Europe. As of early 2022, Russia was still providing Germany with more than half of its coal and natural gas supplies along with 34 percent of oil supplies.

    After Russia's gas supply to Europe via the crucial Nord Stream 1 pipeline was already cut off in early September, both Nord Stream 1 and 2 were damaged and rendered inoperable by a series of explosions that caused gas leaks. underwater at the end of September 2022.

    Due to the "increased uncertainty amid the current situation", Germany's largest energy provider E.ON further reduced the value of its stake in Nord Stream 1. The company's 15.5 percent stake it was devalued to only 100 million euros (103 million US dollars). ), below 500 million euros at the end of June.

    Having declared the 'Level 2: Alert Level' of the gas emergency plan, the Bundesnetzagentur (BNetzA), the German regulatory office responsible for electricity and gas, has been busy safeguarding pre-winter gas supplies and storages. now they are full.

    As part of energy-saving measures, minimum room temperatures have been lowered, monuments are no longer lit, and the country's million private pools and jacuzzis will have to remain unheated during the winter. The BNetzA stressed the need to reduce consumption by at least 20 percent.

    INEVITABLE POLICY CHANGES

    Before this energy brinkmanship came into play, Germany had a stated goal of phasing out coal-fired power plants by 2030 and decommissioning all nuclear plants by the end of 2022. However, the government had to do a U-turn in nuclear power and coal. -fired power plants to protect your power supplies and address an immediate shortfall.

    After internal disputes within the governing coalition, Chancellor Olaf Scholz intervened and allowed the three German nuclear plants to continue generating electricity through the winter until April 15, 2023.

    While there have been short-term successes in gas storage, Germany is looking elsewhere to shore up gas supplies to end its energy dependency. To diversify imports, Habeck quickly began gas supply talks with Norway, Canada and the United States.

    Germany has also signaled its interest in discussing a natural gas pact with the United Kingdom (UK) with a view to including a mutual bailout clause in case of shortages during an extreme cold snap. The UK's long coastline is a "geographical advantage when it comes to infrastructure for importing liquefied natural gas (LNG)," BNetzA boss Klaus Mueller recently told The Guardian.

    INDEPENDENCE THROUGH RENEWABLES

    The extension of the useful life of nuclear and coal power plants could be seen as a setback for Germany's environmental plans. Habeck, however, now sees an accelerated expansion of renewable energy capacity as a vital tool for achieving energy independence and climate protection.

    As the share of renewable energy increases, Germany will reduce its need to import energy. The government aims to cover all of the country's electricity needs with renewable energy by 2035, five years ahead of the original target. Already by 2030, the share of wind and solar power will roughly double from current levels to 80 percent.

    All these plans, however, are of little help today.

    Although gas storage facilities are now full and Germany has security-of-supply agreements throughout the European Union (EU), an extreme cold snap would test the public's resolve to reduce energy consumption. Blackouts could be avoided, but the supply situation remains "extremely tense," German power transmission network operator Amprion said.

    With the destruction of sections of the Nord Stream oil pipelines, it is clear that the country will not have the option of returning to its historical energy structure. Until renewables are ready, the diversification of energy supplies will become an increasingly pressing issue. (1 euro = 1.03 US dollars) ■



    (Xinhua)

  •  A European gas price cap of 275 euros US 283 per megawatt hour MWh has been proposed Energy Commissioner Kadri Simson announced Tuesday in Strasbourg France We propose a higher ceiling on the TTF Title Transfer Facility price for next month in case it exceeds 275 euros per megawatt hour Beyond that price no transactions will be possible The market correction mechanism will be activated when two conditions are met explained the Commissioner In the first place when the price of gas exceeds 275 euros for two consecutive weeks Second when the differential between the TTF price and the global price of liquefied natural gas LNG is equal to or greater than 58 euros for ten consecutive business days When both conditions are met the mechanism will be activated automatically and will not require any additional procedure or decision Simson told a press conference that this is not a regulatory intervention to set the price in the gas market at an artificially low level rather it is a last resort solution to avoid episodes of excessively high prices that are not in line with world price trends However he added This is not a silver bullet that will drive gas prices down But it does provide a powerful tool that we can use when we need it complementing our more structural efforts to bring down prices that is controlling our demand and ensuring sufficient gas supplies for Europe through joint purchases and an active foreign energy policy The proposals will be debated by the energy ministers of the bloc s 27 member countries on November 24 However the Association of European Energy Exchanges said the mechanism poses a serious threat to the region s security of supply and financial stability and will do little to achieve the goal of lowering energy costs In August prices at the TTF virtual trading point increased from 220 to almost 320 per MWh while global LNG prices were significantly lower Since then gas prices have dropped considerably to the current 116 euros 1 euro 1 03 US dollars Xinhua
    EU proposes maximum gas price at 275 euros per MWh-
     A European gas price cap of 275 euros US 283 per megawatt hour MWh has been proposed Energy Commissioner Kadri Simson announced Tuesday in Strasbourg France We propose a higher ceiling on the TTF Title Transfer Facility price for next month in case it exceeds 275 euros per megawatt hour Beyond that price no transactions will be possible The market correction mechanism will be activated when two conditions are met explained the Commissioner In the first place when the price of gas exceeds 275 euros for two consecutive weeks Second when the differential between the TTF price and the global price of liquefied natural gas LNG is equal to or greater than 58 euros for ten consecutive business days When both conditions are met the mechanism will be activated automatically and will not require any additional procedure or decision Simson told a press conference that this is not a regulatory intervention to set the price in the gas market at an artificially low level rather it is a last resort solution to avoid episodes of excessively high prices that are not in line with world price trends However he added This is not a silver bullet that will drive gas prices down But it does provide a powerful tool that we can use when we need it complementing our more structural efforts to bring down prices that is controlling our demand and ensuring sufficient gas supplies for Europe through joint purchases and an active foreign energy policy The proposals will be debated by the energy ministers of the bloc s 27 member countries on November 24 However the Association of European Energy Exchanges said the mechanism poses a serious threat to the region s security of supply and financial stability and will do little to achieve the goal of lowering energy costs In August prices at the TTF virtual trading point increased from 220 to almost 320 per MWh while global LNG prices were significantly lower Since then gas prices have dropped considerably to the current 116 euros 1 euro 1 03 US dollars Xinhua
    EU proposes maximum gas price at 275 euros per MWh-
    Foreign2 months ago

    EU proposes maximum gas price at 275 euros per MWh-

    A European gas price cap of 275 euros (US$283) per megawatt hour (MWh) has been proposed, Energy Commissioner Kadri Simson announced Tuesday in Strasbourg, France.

    "We propose a higher ceiling on the TTF (Title Transfer Facility) price for next month in case it exceeds 275 euros per megawatt hour. Beyond that price, no transactions will be possible."

    The market correction mechanism will be activated when two conditions are met, explained the Commissioner. In the first place, when the price of gas exceeds 275 euros for two consecutive weeks. Second, when the differential between the TTF price and the global price of liquefied natural gas (LNG) is equal to or greater than 58 euros for ten consecutive business days.

    When both conditions are met, the mechanism will be activated automatically and will not require any additional procedure or decision.

    Simson told a press conference that this is not a regulatory intervention to set the price in the gas market at an artificially low level; rather, it is a last resort solution to avoid episodes of excessively high prices that are not in line with world price trends.

    However, he added: "This is not a silver bullet that will drive gas prices down. But it does provide a powerful tool that we can use when we need it, complementing our more structural efforts to bring down prices, that is, controlling our demand and ensuring sufficient gas supplies for Europe through joint purchases and an active foreign energy policy".

    The proposals will be debated by the energy ministers of the bloc's 27 member countries on November 24.

    However, the Association of European Energy Exchanges said the mechanism poses a serious threat to the region's security of supply and financial stability, and will do little to achieve the goal of lowering energy costs.

    In August, prices at the TTF virtual trading point increased from €220 to almost €320 per MWh, while global LNG prices were significantly lower. Since then, gas prices have dropped considerably, to the current 116 euros. (1 euro = 1.03 US dollars) ■



    (Xinhua)

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