Energy Agency: The transition to clean energy is not responsible for the rise in European gas prices

5

The International Energy Agency said the rise in gas prices in Europe was driven by a combination of several factors, declining to blame the shift to clean energy.

 

The Energy Agency said in a report, that the sharp rise in European gas prices was driven by a combination of a strong recovery in demand and less-than-expected supplies, in addition to several weather-related factors.

 

Contributing factors to higher European gas prices included a very cold and prolonged heating season in Europe during last winter, with less wind power than usual in recent weeks.

 

Regions in East Asia and North America experienced strong cold spells in the first quarter of 2021, followed by heat waves in Asia.

 

The agency said worldwide LNG production was lower than expected due to a series of disruptions and unplanned delays, while demand for gas remained strong throughout the year.

 

“The recent increase in global natural gas prices is the result of multiple factors, and it is inaccurate to blame the shift to clean energy,” said Fatih Birol, executive director of the International Energy Agency.

 

The IEA believes that Russia can do more to increase gas availability in Europe and ensure that storage centers are filled to appropriate levels in preparation for the upcoming winter heating season.

Source: numbers

The article Energy Agency: The transition to clean energy is not responsible for the rise in European gas prices was written in Al Borsa newspaper.