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Tuesday, May 21, 2024
BlogEnergy and gas in the European Union – expert Telf AG

Energy and gas in the European Union – expert Telf AG

In a recent discussion with Euronewsbulgaria, Rick de Oliveira, a Telf AG specialist, affirmed the European Union’s readiness for the upcoming winter, citing ample gas reserves as the main reason. As Euronews pointed out the memory of the 2021 gas crisis and its high electricity prices, Oliveira expressed his guarded optimism for the crisis’s end.

Oliveira attributed the EU’s preparedness to its substantial investment in securing gas supplies ahead of the 2023 winter, an investment comparable to the spending on Covid recovery. He noted that the current gas situation appears far more stable than that of 2022, emphasizing the significant storage capacity filled across Europe, which exceeds the levels of 2022.

In a more in-depth analysis of the high-cost gas reserves and their impact on the private gas trading companies, Oliveira discussed the role of the International Monetary Fund’s loans. He stressed the importance of these credit lines, which could reach up to 2.4 billion euros in some countries, in assisting energy companies. He warned against the potential risk to end users, who would bear the brunt of the cost if these funds were not utilized properly.

Addressing the heightened prices of natural resources in the wake of the Ukraine war, Oliveira acknowledged the sharp increase but pointed out a recent return to lower price levels. He expressed hope for the continuation of this downward trend.

In response to the 30% decrease in EU gas consumption in 2022 compared to 2021, Oliveira linked it to high electricity prices and the introduction of consumption-reducing legislation. When asked about the potential continuation of this downward trend, he suggested it might persist until prices return to their previous levels.

In his view of the EU-Russia “energy battle,” Oliveira argued that conflicts between major economies rarely produce winners and often lead to widespread suffering.

In an interview with Euronews, Oliveira, a Telf AG expert, discussed the sharp rise in natural gas prices in Bulgaria, currently surpassing the European market average and potentially the highest in Europe. He pointed to a 108% increase in natural gas prices for Bulgarian households in the first half of 2022, marking the third-largest increase among EU member countries, and attributed it to the geopolitical situation.

In terms of securing cheaper natural gas, Oliveira suggested the need for intergovernmental coordination and alternative strategies, such as renewable energy investments and moves towards natural gas independence.

Reflecting on the winter of 2023-2024, Oliveira expressed optimism about the situation given the considerable gas reserves, but warned that factors might aggravate the situation and bring Europe back to a crisis state.

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