Fabrizio Mattana on HOW IS THE GEOPOLITICAL CRISIS TRANSFORMING THE ENERGY LANDSCAPE

Summary

The speaker emphasizes the importance of gas in the energy transition and the role of diversification in the energy landscape. They highlight the significance of infrastructure development for renewable energy, fossil gas, and green gases to achieve net-zero targets. Cooperation is stressed as crucial for complex projects, citing the Greece-Bulgaria interconnection as an example. The East Mediterranean is presented as a significant opportunity for Greece and Europe to establish a reliable energy corridor, potentially including green gases and renewables.

Takeaways

• 🌏 The speaker emphasizes the importance of the East Mediterranean connection to Europe for future energy security and growth.
• 🔄 There has been a shift in the energy landscape, with a renewed recognition of the role of natural gas, especially in light of geopolitical crises.
• 💡 The energy sector is adapting to the realities of transitioning to a net-zero path, considering factors like timing, feasibility, and affordability.
• 📈 The speaker highlights the two key variables affecting countries' risk profiles: energy availability and cost, which are crucial for industrial growth.
• 🔧 Gas is making a comeback as countries and companies move towards net-zero targets, recognizing the need for a reliable and affordable energy source.
• 🔄 The concept of diversification is key to the energy sector's response, encompassing not just gas but also renewables and green gases.
• 🏗️ Infrastructure development is essential for realizing the energy transition, including the creation of new interconnections and energy corridors.
• 🤝 Cooperation is vital for complex projects, as demonstrated by the successful interconnection between Greece and Bulgaria, facilitated through partnerships.
• 🚀 The East Mediterranean presents a significant opportunity as an underutilized, reliable energy supplier region that needs to be better connected to Europe.
• 🔗 The focus is on establishing an 'Energy Corridor' that links the East Mediterranean with Europe, not just for gas pipelines but for a broader energy exchange.
• 🌿 There is a vision for the future that includes the potential for green gases and renewables as part of the East Mediterranean's energy contribution to Europe.

Q & A

What is the main topic discussed in the transcript?

The main topic discussed in the transcript is the energy landscape adaptation, the importance of gas in the transition to a net-zero path, and the future of the East Mediterranean connection to Europe.

Why is gas considered important in the current energy transition?

Gas is considered important because it plays a key role in the energy transition, providing a reliable and affordable energy source during the move towards net-zero emissions.

What are the two key questions that arose after the geopolitical crisis in the context of energy?

The two key questions are the availability of energy and its cost, which impact the risk profile and industrial growth of countries.

What is the target for energy companies and countries in terms of environmental impact?

The target for energy companies and countries is to move towards a net-zero path, aiming to reduce or offset their greenhouse gas emissions.

What is the concept of 'diversification' in the context of energy discussed in the transcript?

Diversification in energy refers to a broad approach that includes renewables, fossil gas, and green gases, ensuring a mix of energy sources for sustainability and reliability.

Why is infrastructure important for the energy sector as mentioned in the transcript?

Infrastructure is important because it is necessary for the development and realization of energy projects, including the interconnection of different regions and the facilitation of energy trade.

What is the significance of the interconnection between Greece and Bulgaria mentioned in the transcript?

The interconnection between Greece and Bulgaria is significant as it exemplifies successful cooperation in diversification efforts and serves as a model for future energy projects.

What is the role of cooperation in realizing complex energy projects?

Cooperation is crucial in realizing complex energy projects as it involves collaboration among countries and companies, facilitating partnerships and the sharing of resources and expertise.

What is the 'missing Energy Corridor' referred to in the context of the East Mediterranean area?

The 'missing Energy Corridor' refers to the lack of interconnection in the East Mediterranean area, which has the potential to become a reliable supplier of energy to Europe.

How does the East Mediterranean area present an opportunity for Greece and Europe in terms of energy?

The East Mediterranean area presents an opportunity as it is a region with huge potential that is not yet interconnected, offering the possibility of a reliable energy supply, including renewable and green gases.

What is the speaker's view on the energy sector's reaction to the current challenges?

The speaker believes that the energy sector is reacting well to the current challenges by moving towards diversification and cooperation, which are reasonable and feasible directions.

Outlines

00:00

🌏 Geopolitical Impact on Energy Transition and Gas Importance

The speaker acknowledges the significance of gas in the energy transition, recognizing its importance despite previous hesitancy. They discuss the impact of geopolitical crises on energy availability and cost, which in turn affects the risk profiles and industrial growth of countries. The emphasis is on the need for diversification in the energy sector, including renewable energy sources, fossil fuels, and the development of green gases. The speaker highlights the role of infrastructure in facilitating this transition and mentions the example of the Greece-Bulgaria interconnection project as a successful cooperation model. The East Mediterranean is presented as a new challenge and opportunity for energy interconnection with Europe, focusing on the potential of a reliable energy corridor that could support both traditional and green energy sources.

Keywords

💡Cooperation

Cooperation refers to the act of working together towards a common goal, often involving multiple parties. In the context of the video, it is highlighted as essential for the feasibility and success of complex projects, such as developing energy infrastructure. The speaker emphasizes the importance of cooperation among countries and companies to achieve diversification in energy sources, as exemplified by the interconnection project between Greece and Bulgaria.

💡Energy Transition

Energy transition denotes the shift from conventional energy sources to more sustainable and cleaner alternatives. The video discusses the ongoing energy transition and the role of natural gas as a bridge to a net-zero future. The speaker mentions that the energy landscape is adapting, with a focus on the availability and cost of energy, which are critical for the risk profile and industrial growth of countries.

💡Geographical Crisis

A geopolitical crisis refers to a situation where political tensions or conflicts affect international relations and can have significant economic implications. The script mentions that the geopolitical crisis has highlighted the importance of energy availability and cost, impacting the risk profile of countries, and has led to a renewed focus on the role of natural gas in the energy mix.

💡Net Zero

Net Zero is a state where the amount of greenhouse gases emitted into the atmosphere is balanced by an equivalent amount being removed, effectively having zero net emissions. The video discusses the target of moving towards a Net Zero path as a reality that companies and countries are facing, which influences the direction of energy landscaping and the need for feasible and affordable solutions.

💡Diversification

Diversification in the energy sector means broadening the range of energy sources used to include a mix of renewables, fossil fuels, and potentially green gases. The speaker argues that diversification is a reasonable and feasible direction for the energy sector to take, as it provides stability and flexibility in response to changing energy demands and geopolitical situations.

💡Infrastructure

Infrastructure refers to the basic physical and organizational structures needed for the operation of a society or enterprise, in this case, the energy sector. The script emphasizes the need for robust infrastructure to support the development and realization of energy projects, including the interconnection of energy sources and the establishment of energy corridors.

💡Interconnection

Interconnection in the energy context refers to linking different energy systems or regions to facilitate the exchange of energy resources. The video uses the example of the Greece-Bulgaria interconnection project to illustrate successful cooperation in achieving diversification and enhancing energy security.

💡East Mediterranean

The East Mediterranean is a region that holds significant potential as a reliable energy supplier, particularly in the context of the energy transition. The speaker identifies the East Mediterranean as a new challenge and opportunity for Greece and Europe, highlighting the need for an energy corridor to connect this region with Europe and unlock its potential.

💡Energy Corridor

An energy corridor is a network of infrastructure that facilitates the transportation of energy resources from one region to another. The script discusses the concept of an 'Energy Corridor' in the East Mediterranean area, which is seen as a missing link that could provide reliable energy to Europe and support the transition to green gases and renewables.

💡Feasibility

Feasibility assesses whether a project or idea can be successfully implemented, considering factors such as technical, economic, and logistical viability. The video mentions the importance of feasibility in the context of energy projects, particularly in terms of timing, commercial viability, and affordability, which are crucial for the energy sector's response to the net-zero target.

💡Affordability

Affordability refers to the cost-effectiveness of a product or service, ensuring that it is financially accessible to the target users or consumers. In the script, affordability is discussed as a critical factor in the energy sector's response to the net-zero path, where the speaker argues for the need to balance the pursuit of green energy with economic considerations.

Highlights

The importance of gas in the energy transition and its recognition in the current energy landscape.

The role of energy availability and cost in determining the risk profile of countries and their industrial growth.

The shift in focus towards the feasibility, commercial viability, and affordability of energy projects post-geopolitical crisis.

The resurgence of gas as a key component in the path to Net Zero due to its affordability and necessity.

The concept of diversification in energy sources, including renewables, fossil gas, and green gases.

The need for infrastructure to support the development of a diversified energy landscape.

The significance of cooperation in realizing complex energy projects, as exemplified by the Greece-Bulgaria interconnection.

The potential of the East Mediterranean as an unconnected energy corridor with huge potential for Europe.

The idea of an Energy Corridor that is not limited to gas pipelines but includes renewable energy and green gases.

The strategic importance of the East Mediterranean for Greece and Europe as a reliable energy supplier.

The emphasis on the need for stable and bilateral links between East Mediterranean and Europe for energy security.

The acknowledgment of the energy sector's response to the changing landscape and its adaptability.

The discussion on the practical applications of energy transition and the role of different energy sources.

The call for a realistic approach to energy transition, considering timing and feasibility.

The assertion that diversification is a wide concept that encompasses more than just gas.

The mention of IG Posidon's role in demonstrating successful cooperation in energy projects.

The vision of creating and developing infrastructure as a key to achieving energy goals.

The identification of the East Mediterranean as a new challenge and opportunity for energy interconnection.

Transcripts

thank you thank you all uh well I had in

mind touch two points but then mat I

think that put on the table a very

important uh topic Following also what

uh Mr M said before about cooperation

feasibility of project but before going

to that and that is very much linked

with the the future of East

Mediterranean uh connection to to Europe

just one point on what has been said

about about um transition and how the

energy landscape uh is adapting because

I think that uh uh we have been talking

a lot last year about transition and uh

we have been very shy in stressing the

role of gas while today I'm happy to

hear that gas is

still very important is recognized as

being very important and this the result

also of the geopolitical crisis that we

lived because because energy is the

varable one of the variable key variable

to to to set also the risk profile of

the countries and with after the

geopolitical crisis we we stressed uh

two very important questions is the

energy available so do we have it

and how much does it cost and this

impact the future the risk profile of

the countries the industrial uh growth

of the countries and and this is why gas

is back because it's through all the

countries all the companies are moving

toward uh Net Zero path that's the

target for everybody but this has been

set as a big statement but then we have

to face reality in terms of timing in in

terms of feasibility in terms of

commercial feasibility in terms of

affordability and and this is the

framework in which uh energy Landscaping

is moving and I think that the energy uh

sector reacted and is reacting very well

in the in my opinion uh the only

direction that is reason reasonable and

feasible that is diversification and

diversification is a wide is a wide uh

concept I'm not just speaking about gas

but diversification in energy is

Renewables

first fossil gas because we need it and

we have it and is

Affordable is a pass to where green

gases and to do all of that we need

infrastructures and and then we are back

to I mean uh my job and some the job of

someone around this stable uh infr

infastructure to create to develop and

to realize infrastructure I I fully

agree with what you said you we need

cooperation and the more complex the

project is the more complic cooperation

we need uh I think that uh IG posidon

from the company I represent gave an

example of uh uh realizing a project

through cooperation that is exactly

close to to your area is the the

interconnection between Greece and

Bulgaria ihb that was key the rational

was

diversification and it was realized

thanks to cooperation among countries

among companies through partnership so

we can do it uh East Mediterranean is

the new challenge but it's it's the big

opportunity because I think that for

Greece for Europe uh there is one area

that is not yet inter connected that has

hu huge potential that is a reliable

supplier that is not in the picture now

and we have

all the the say we studied a lot around

around this uh this project is

interconnection and we can see the link

with East Mediterranean area as the

missing Energy Corridor we are not

talking about only gas pipelines we are

talking about an Energy Corridor that is

missing and can

provide reliable energy that today is

probably not yet uh zero CO2 but in the

future could be green gases Renewables

and a real stable bilateral link between

eastmed and Europe