The crisis in the European Gas Market: causes, consequences, key lessons, Russia's role
UDC: 002.52:553.98
DOI: 10.33285/1999-6942-2022-2(206)-46-52
Authors:
LASTOVSKAYA MARINA R.
1
1 National University of Oil and Gas "Gubkin University", Moscow, Russia
Keywords: European gas market, "ideal storm", energy crisis, spot market, long-term contracts, price collapse, decarbonization, energy transition, Third Energy Package, diversification of supplies, coal-fired power generation, gas withdrawal from storage facilities, export routes, fuel structure-energy balance
Annotation:
The unprecedented turbulence of the European gas market is striking, but the preconditions for the development of the current energy crisis in Europe were laid back in 2009, when the Third Energy Package came into force − legislation on the liberalization of EU energy markets − designed, among other things, to reduce the monopoly of the Russian gas operators in the European market. The situation in the European gas market was undoubtedly aggravated by the postponed certification of the "Nord Stream-2" gas pipeline until July 2022, pending the creation of a separate company that should have to own and operate the German part of the gas pipeline (in accordance with the requirements of the German legislation). The Europe's strategy is to focus on achieving the energy independence, i.e. to invest in energy supplies diversification and reduce dependence on gas exporting countries as soon as possible. Russia's point of view: the decarbonization process, which is relevant in itself but politicized and subject to pressure by political and activist structures, requires alternative views, and the "green transition" course should be coordinated with the development of the oil and gas industry.
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