Publié le 22/06/2023
Marc-Antoine EYL-MAZZEGA, interviewé pour le Coface's podscast Trade Talk

The recent energy crisis has highlighted our economies' dependence on energy resources. With fossil fuels becoming less available, and a necessary transition to more decarbonised alternatives, could tomorrow's energy not become more expensive and less certain in availability? 

 Selected excerpts from the new episode of Coface's podcast Trade Talk [1], with Jean-Christophe Caffet, Coface's chief economist and Marc-Antoine Eyl-Mazzega, Director of the Energy & Climate Center at IFRI.

 

The podcast highlights the following points:

  • Despite the Ukrainian conflict, Europe avoided gas supply disruptions during winter due to high temperatures, efficient energy use, and production cuts.

  • China's zero Covid policy ensured Liquified Natural Gas (LNG) supplies, resulting in high gas stocks for the upcoming winter.

  • Europe quickly adapted to interruptions in gas flows from Russia by establishing a West-East system and leasing floating regasification facilities in Germany.

  • Increased LNG imports are expected with China's economic reopening and geopolitical rapprochement, reducing concerns over supply disruptions.

  • The oil market remains tight due to underinvestment and limited shale oil production, potentially leading to rising oil prices and inflationary pressures.

  • Energy plays a significant role in inflation, requiring investments in green and decarbonized energies.

  • Emerging countries and Europe face challenges in energy supply, necessitating attention to strategic issues and industrial policy revival to avoid job losses and vulnerability to geopolitical shocks.