Energy crisis: Can Europe make it through the winter?

올겨울 글로벌 에너지 대란 닥친다

Europe faces an energy crisis as Russia announced further cuts to its energy supplies to the European Union.
Last week, Russia’s state-owned gas company Gazprom said it would halve the amount of gas running through the Nord Stream 1 pipeline to Germany, to just 20% of its capacity.
This has prompted concern over whether Europe will have enough gas to manage throughout the winter, as Russia last year supplied 40 percent of its gas supplies.
Over the next seven months, EU countries will aim to reduce gas usage by 15% but this is on voluntary terms with exemptions for certain countries.
However, there’s doubt over where the EU will find alternative supplies.
Since Moscow’s invasion of Ukraine, governments not only in Europe but around the world have been rethinking energy security and we discuss the prospects today with Paul J. Saunders, President of Energy Innovation Reform Project and Chinho Park , Vice President for Research and Dean of KENTECH Institutes.

Mr. Saunders: EU member states agreed to cut gas consumption by 15 percent by March next year in an attempt to show a unified front against Russia. How feasible is the plan? Where will most of the cuts have to be made?
Mr. Park: How has the unprecedented heat affected the energy crisis in Europe and around the world?
Mr. Saunders: Can the voluntary gas cut work without making the plan mandatory and with all the exceptions that exist? What would it take for the plan to work?
Mr. Park: What does it mean to have an energy security strategy? What are vital roles that governments should play?

Mr. Saunders: Europe placed sanctions on Russian coal in April, with bans on further imports starting August 10th. What impact will this have on Europe and can the EU reduce its reliance on Russian natural gas in the short term?

Mr. Saunders: How will Europe get through the winter?

Mr. Park: Does South Korea face the danger of an energy crisis? Do we have sufficient storage or alternative options available?
Mr. Saunders: How has the Ukraine war changed how governments look at energy security? What needs to be done in the long-term?
Mr. Park: What are the short and long-term strategies needed at this point to address the energy shortage?

Paul J. Saunders, President of Energy Innovation Reform Project and Chinho Park , Vice President for Research and Dean of KENTECH Institutes. Thank you for your time today,

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2022-08-03, 10:00 (KST)