Hosted by Ilaria Conti, FSR Gas and Jean-Michel Glachant, FSR Director
In its recently published Global Gas Security Review 2020, the International Energy Agency estimates a fall in global gas by 3% or 120 billion cubic metres (bcm) – its largest drop on record. Faced with a historic fall in global gas demand in the first half of the year, gas producers and exporters have had to provide flexibility to adjust supply. LNG was one of the key enablers of this adjustment, with monthly global exports decreasing by 17% between January and July.
“Without the flexibility of global LNG supply, the adjustment to the 2020 demand shock would have been less orderly, and could potentially have had a damaging effect on the commercial and contractual structures underpinning global gas trade” says the IEA report.
At the same time, in Europe, the strong commitment towards decarbonisation and the initiatives undertaken to achieve a net-zero economy in 2050 are re-shaping the EU gas market – the traditional security of supply provider – with profound changes expected in the next few years at infrastructure, market and governance levels.
On the other hand, security of supply and flexibility are also to be provided via the electricity markets, even more in an increasingly electrified and integrated European energy system. Indeed, the IEA has just published its Report on Power Systems in Energy Transition.
How will energy security and flexibility be guaranteed in the future Energy Integrated System? Will LNG become the ultimate provider of security of supply?
FSR talks is a series of live interviews with experts from the wider network of the school to showcase and discuss a recent work (a book just published, interesting study, innovative project) in a light and interactive way.
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