EU China Energy Magazine 2022 October Issue: 2022, #8
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About this ebook
EU-China Energy Cooperation Platform was launched on 15 May 2019, to support the implementation of activities announced in the 'Joint Statement on the Implementation of EU-China Energy Cooperation'.
The Joint Statement was signed during the 8th EU-China Energy Dialogue that was held in Brussels on 9th April between Commissioner for Climate Action and Energy Miguel Arias Cañete and the Administrator of the National Energy Administration of China Mr ZHANG Jianhua, back-to-back with the 21st EU-China Leaders' Summit on 9 April 2019 and was witnessed by Jean-Claude Juncker, President of the European Commission; Donald Tusk, President of the Council of Europe and Dr Li Keqiang, Premier of China.
The start of the implementation of the EU-China Energy Cooperation Platform (ECECP) was included in the EU-China Leaders Summit Joint Communique.
The overall objective of ECECP is to
'enhance EU-China cooperation on energy. In line with the EU's Energy Union, the Clean Energy for All European initiative, the Paris Agreement on Climate Change and the EU's Global Strategy, this enhanced cooperation will help increase mutual trust and understanding between EU and China and contribute to a global transition towards clean energy on the basis of a common vision of a sustainable, reliable and secure energy system.'
ECECP Phase II is implemented by a consortium led by ICF, and National Development and Reform Commission- Energy Research Institute.
Disclaimer:
The views and opinions expressed in the articles of this magazine are the authors' own, and do not represent the views of ECECP.
EU-China Energy Cooperation Platform Project is funded by the European Union Foreign Policy Instrument
Copyright European Union 2021, 2022. All Rights Reserved.
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EU China Energy Magazine 2022 October Issue - EU-China Energy Cooperation Platform Project
Letter from the Team Leader
Dear All,
Welcome to the October 2022 issue of the EU-China Energy Magazine.
As energy prices continue to rise, there can be no doubt that we are facing a global energy crisis – but as an old Chinese saying goes, there is always opportunity in a crisis. We are now seeing the shift in energy consumption behaviour that we have been trying to achieve for years. The media is full of articles teaching people how to reduce energy consumption - and energy bills: set indoor temperature a few degrees lower; use electric blankets at night; use microwave and air fryers instead of large family ovens; use insulated cooking pots for slow cooking; switch off standby electronic appliances – the list goes on.
The energy crisis was at the forefront of our workshop 'The Future of Gas', in which experts discussed supply issues and decarbonisation options for the sector. The summary and videos of the workshop are available on our website, and an article on the topic appears in this issue.
Our activities will continue through November: on the 8th at 09:00 Beijing time, the ECECP-organised EU Energy Innovation Expo will open. This event will showcase EU companies who wish to introduce their innovative technologies in renewables, energy efficiency, energy storage, power grids and buildings to the Chinese market. Live online events and interviews will be streamed from Europe throughout the three-day event at www.euenergyinnovationexpo.com.
November will also bring the launch of the digest of the Handbook on Electricity Markets. This handbook, published in November 2021, was edited by Jean-Michel Glachant, Director of the Florence School of Regulation, Paul L. Joskow, Massachusetts Institute of Technology, and Michael G. Pollitt, University of Cambridge. It includes contributions from the most brilliant thinkers and experts in the field of electricity markets. ECECP has commissioned Glachant along with Nicolò Rossetto of the Florence School of Regulation to consult with its numerous expert contributors to condense the handbook’s contents so that its key points are available to decision-makers.
As always, I would like to thank our hard-working editors, Daisy Chi and Helen Farrell. I’d also like to wish a speedy recovery to Helena Uhde, Assistant Team Leader of ECECP, who is unwell with Covid.
I hope you enjoy reading this issue.
Flora Kan
ECECP Team Leader
1. The future of gas – unlocking opportunities in times of crisis
The decarbonisation of the gas sector through CCUS, functioning markets and the growth of renewable gases is a global challenge. Russia's invasion of Ukraine and the resulting supply problems add another challenge for global gas markets. These developments were discussed at the workshop ‘The Future of Gas‘ organised by ECECP in cooperation with Energy Post in September. ECECP Junior Postgraduate Fellow Helena Uhde summarises the key lessons of the workshop.
European gas market under pressure
Russia's invasion of Ukraine has led to a complete restructuring of gas markets, which is particularly evident in Europe. ‘We have enjoyed a very well-developed energy market at least in the last 15 years, but we have not tested the system in short supply situations’, explains Andrea Stegher, Vice President of the International Gas Union.
According to Walter Boltz, senior advisor on European Energy at Walter Boltz Consulting, this crisis was already foreseeable in the summer of 2021, as Gazprom had already started to empty the stocks in the European storage facilities before Russia's invasion of Ukraine, and Russia has basically reduced supplied to EU since the summer of 2021, thus driving up prices.
This, in combination with the gradual decline in Russian imports since February 2022, has resulted in a massive disruption of the European gas market. Of the 40% of EU gas imports from Russia before the crisis, only 8% remained in August 2022.
Fluctuating gas prices, which reflect the geopolitical situation and perceived changes in the future, have a serious impact on the electricity market, with high volatility expected to continue over the next two years. According to Boltz, gas scarcity led to a price spike with prices at an unprecedented level of €240 /MWh, while before the crisis the highest price was €25 - €30 /MWh.
The high volatility of gas prices, and the price differences between the gas markets of Europe, Asia and North America, make it difficult for businesses and policy makers to navigate, creating the risk not only of an economic downturn but also of the disruption of social equilibrium. In addition, energy uncertainty is pushing climate targets into the background, while coal maintains its prevalence because of its price and relative abundance.
Europe’s interventions
Octavian Stamate, Counsellor for Energy and Climate Action at the EU Delegation to China, summarised the EU’s solutions to the significant supply disruptions: diversification of supply towards more reliable