EU China Energy Magazine 2022 November Issue: 2022, #10
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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 November Issue - EU-China Energy Cooperation Platform Project
Letter from the Team Leader
Dear all,
Welcome to the November 2022 issue of the EU-China Energy Magazine!
During EU-China Climate Diplomacy Week earlier this month, ECECP organised a three-day virtual Expo: 15 European companies showcased their innovative clean energy solutions in renewable energy, energy efficiency, buildings, electricity grids and storage. At the time of writing, there were 1 300 visits and nearly 20 000 page views from China, the EU, the US, the UK, Japan and Russia. It is still possible to visit the virtual booths, while interested parties can contact the companies directly.
The Digest of the Handbook on Electricity Markets, in both Chinese and English, was launched at the Expo’s opening ceremony. The original Handbook on Electricity Markets - a 650-page encyclopaedia of the global electricity market, -was written by some of the most brilliant thinkers in the field. ECECP commissioned the Digest so that the Handbook’s key points are accessible to busy decision-makers. The Digest, in English and Chinese, is available for free download on the ECECP website.
A Chinese translation of the original Handbook on Electricity Markets is now under way and will be available in the spring of 2023.
Interviews with exhibitors, political representatives and other energy experts are available on our website.
The ECECP magazine includes an article that offers a brief overview of the key points raised in the Handbook and in discussions held at the Expo.
Other articles in the issue include a focus on the energy supply challenges looming in the winter of 2023-24; Leonardo Mees of the Florence School of Regulation looks forward to a time when power consumption can be managed without recourse to emergency measures; a summer drought in China has highlighted the need for power market reform in the country; and the World Economic Forum looks into ways to accelerate investment into hydrogen power.
This month, our designer has been laid low by Covid and we were not able to publish as scheduled. We wish her a speedy recovery. As always, I would like to thank our hard-working editors, Daisy Chi and Helen Farrell.
I hope you enjoy reading this issue.
Flora Kan
ECECP Team Leader
1. Never too early to prepare for next winter
As winter approaches, a combination of favourable LNG market dynamics, robust pipeline deliveries from non-Russian suppliers, lower demand, and policy actions has given Europe a chance to sidestep some of the worst immediate impacts of Russia’s steep cuts to natural gas deliveries.
Russia’s pipeline gas deliveries to the European Union halved in the first ten months of 2022 compared with last year’s levels. The decline in absolute terms was 60 bcm, the equivalent of over 10% of the global LNG trade. The steep decline in Russian gas supplies coincided with multi-year lows in European hydro and nuclear power output (down by 20% and 16% year-on-year, respectively), putting huge pressure on European gas markets.
Gas prices on the Dutch Title Transfer Facility (TTF) – a leading European gas hub – averaged over EUR 130/MWh (USD 40/MMBtu) year-to-date, almost eight times the 5-year average between 2016 and 2020. The all-time high prices attracted record LNG inflows to the European Union and the United Kingdom, rising by 65% or over 50 bcm year-on-year in the first ten months of 2022.
Gas demand in the European Union and the United Kingdom in the first 10 months of 2022 was down by an estimated 10%, or over 40 bcm, compared with the same period a year earlier. This was mainly the result of lower consumption across the residential, commercial and industrial sectors, but it also includes some efficiency gains and behavioural responses to higher prices. It also reflects demand destruction, particularly in gas-intensive industries.
Non-Russian pipeline supplies to Europe increased substantially. Pipeline deliveries from Norway rose by 5% (5 bcm) and flows from Azerbaijan via the Trans Adriatic Pipeline surged by close to 50% (3 bcm) year-on-year in the first ten months of 2022. In both cases, export infrastructure is running close to nameplate capacity. Algeria increased its pipeline supplies to Europe by over 10% (or 3 bcm) on available export routes in the first ten months of the year, and has some limited upside.
1668569781576Strong European demand for LNG led to a reconfiguration of global LNG flows as increases in LNG supply (23 bcm) were not sufficient to meet Europe’s rapidly rising LNG imports.