Europe seeks homegrown power solutions

Published: 8 January 2006 y., Sunday

The European Union has a harsh New Year's resolution to keep after a gas dispute between Russia and Ukraine led to official exhortations for Europe to look for a wider range of suppliers and energy sources.

European governments must tighten their belts, concentrate more on renewable energy and reconsider nuclear power, EU officials said this week.

"As long as we spend more and more on energy, we will be getting more and more dependent," said EU Energy Commissioner Andris Piebalgs. "We should be looking more at the energy sources we have in the European Union."

The Russian-Ukraine gas spat, which led to European customers reporting a sharp drop-off in their own gas supplies, is yet another wake-up call after oil prices last year rose above $70 US a barrel.

Unless it changes its consumption or savings habits, the EU will import almost 70 per cent of its energy by 2030 and it will compete for a finite pool of oil and gas with energy-hungry boom economies such as India and China.

After the oil shocks of the early 1970s, European countries tapped into North Sea oil and gas deposits. But these supplies are dwindling, Piebalgs said. "The issue is to diversify supplies as far as we can."

Europe is a growth market for gas as it turns away from coal. In 2004, gas imports increased by 5.5 per cent and consumption grew by 3.1 per cent.

A quarter of Europe's imported gas comes from Russia, but Russia's dispute with Ukraine raised questions about its reliability as a supplier. If Europe is to lean less on the state-controlled monopoly Gazprom, it will have to buy more from North Africa and the Middle East, build new pipelines - such as the Caspian Sea route via Turkey - and use more liquefied natural gas, which is easier to pump and transport.

Šaltinis: canada.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

HP Reports First Quarter 2009 Results

HP (NYSE:HPQ) today announced financial results for its first fiscal quarter ended Jan. 31, 2009, with net revenue of $28.8 billion, up 1% from a year earlier and up 4% when adjusted for the effects of currency. more »

California's golden dream turns gray

Saddled with an ongoing housing crisis, rising unemployment and an arguably flawed system of balancing the budget, California's "Golden dream" has turned a dismal shade of gray. more »

ATM security is top concern for U.S. consumers

ATM software provider Level Four Americas LLC found in a recent survey that 67 percent of U.S. adults who use financial institution with ATMs would be likely to switch FIs after an instance of ATM fraud or a data breach. more »

Recession affects Fashion Week

As designers put the finishing touches to their collections ahead of this year New York fashion week, the recession is on everyone's minds. more »

AB Bank SNORAS distributes the 11 per cent fixed-interest bond emission

On February 17 - March 13 this year, AB Bank SNORAS distributes one-year bonds with the fixed 11 per cent annual return, which can be regained after keeping the bonds for at least 28 days. more »

Looking upstream to fisheries reform

Europe's controversial fishing policy was under scrutiny Tuesday at a public hearing in Parliament about its future shape. more »

State aid: Commission approves Swedish scheme to recapitalise banks

The European Commission has approved, under EC Treaty state aid rules, a Swedish aid scheme intended to bolster the financing of the real economy by providing capital to banks. more »

Another Five Winners of the Danske Bankas Monthly Scholarship Award have been Announced

During the draw another five winners of the Danske Bankas monthly Scholarship award were announced. more »

Bank SNORAS gave 12 monetary prizes to the depositors who participated in the special action

In the special action of Bank SNORAS the participating depositors were presented 12 monetary prizes whose value reaches from 1 up to 50 thousand Litas. more »

Year-end Report 2008

Solid performance despite rapid economic slowdown. more »