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First, how There is and is on have dec lower ca economi fuels, ec Likewise than the It is fair t decrease Improve Energy E w are Europe no doubt tha n track towar creased by 19 rbon intensi ic crisis, the g o-design and e steady impr e IEA average to say the ec e in 2007-12. ments are al Efficiency Dir e and the wo at the EU has rds its Kyoto 9.2% and car ty than non-growing dep d buildings. rovements in e and lower t conomic crisis . lso being ma ectives and E orld progress s emerged as and 20% GH rbon intensit European IEA loyment of r n energy inte han Canada, s led to a str de within th EU funds ded sing towards s a global lea HG reduction ty in the EU h A members. renewable en nsity led to a the US and A ong reductio e Energy Per dicated to en the 2020 clim ader in the tr target for 20 has almost ha This is the re nergies and E an overall de Australia but on in energy c rformance Bu nergy efficien mate and en ransition to a 020. Since 19 alved at 40.9 esult of lowe EU energy eff ecline of 31.5 t at the level consumption uildings, the ncy. ergy goals? a low-carbon 990, GHG em 9%. Today, th r demand du ficiency actio 5% since 1990 of Japan. n by industry Eco-Design a economy missions he EU has a uring the on on 0, lower y – a 14% and the

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Progress  t  t  t g Dependi Also, veh states le emission per kilom Going fu EU fuel e alternati Global g occurring s towards the the further im the scaling u the encourag grids. ng on the sc

hicle fuel eco ading world ns from new meter, which rther, the IEA economy pol ive fuel vehic rowth in elec g in Europe. e 20% target mplementati p of energy e gement of de ale of econo onomy has im efforts, in st passenger ca was below t A encourage icy can be de cles, while he ctric vehicle s will, howeve ion of EU ene efficiency inv emand-side m mic recovery mproved on a ep with othe ars sold in 20 the target of es the EU to t eveloped to e elping to ens

sales has bee

er, depend o ergy efficienc vestment to f management y, achieving t average, with er global lead 013 had alrea f 130 set for 2 tackle emissi enable an in ure future ac en faster tha n: cy policies by finance retro t by consume the 20% targ h current fue ders, Japan a ady fallen to 2015.

ons from hea novative veh ccess to wor n expected a y member st ofits in existin ers through s get by 2020 m el economy le nd China. Ac an average o avy-duty veh hicle industry ld markets. and some ma ates ng buildings smart meter may be challe evels in some ccording to th of 127 grams hicles. y, including e anufacturing and rs and enging. e member he EC, the s of CO2 electric and g is

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But like I be solve The EU’s 8.7% in 2 IEA analy renewab 9%. Sola notably o unless po The new leader in China an increase from 12% the EU s expected I said, it is no d by the inco s share of ren 2005. ysis shows th ble sources. r PV and bio offshore win olicy initiativ w Commission n renewable nd other eme d by 50% in 2 % to 26%. As hare of globa d to fall furth ot all good ne oming EU adm newable ene hat trends to However, th energy grow nd, is lagging ves are taken n President J energy. This erging econo 2005-13, wit s renewables al non-hydro her to 27% by ews. Allow m ministration. rgy in final e 2020 will lea ere may be a wth are ahead behind. Som n to stimulate uncker and h seems to be mies over th th the share i s have develo o renewables y 2020, desp me to be fran . nergy consu ad to a furth a shortfall to d of expectat me member s e the market his team hav e unrealistic. he last three y in electricity oped more r s actually shr pite continuin k about prob mption incre er growth in wards the 20 tions, while t states might b in some cou e said they w We have see years. Globa reaching 22. apidly in em ank in 2005-ng growth in blematic area eased to 14.1 electricity g 020 target of the deployme be unable to untries and fo want to make en strong gro lly, renewab .3%. The sha erging and d 13, from 41% the EU. as and what 1% in 2012, u eneration fro f around 105 ent of wind p o meet their t or some tech e Europe a gl owth in renew les power ge re of China j eveloping ec % to 39%. Th needs to up from om 5 TWh, or power, targets, hnologies. obal wables in eneration umped conomies, is share is

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The som And Gove reac Whil the d good guid trans cost-Despite g the large EU has been e countries, consumers h ernments wi hed EUR 52 le 2020 targe design of the d news is tec elines and th sition to a lo -effective an good progre est emitter at on a learnin capacity grow have had to p ll need to ma billion and a ets and subsi e support sch chnology cost his is comme w-carbon ec d least disto ss on decarb t 38%, follow ng curve whe wth was goin pay the lion’s anage this co re to grow to idies have be hemes has be ts are coming ndable. We s conomy, but rtive in the e bonisation, su wed by transp en it comes to ng faster tha s share, as it’ ost. In 2013, o EUR 64 billi een driving th een far from

g down. The should accep we need to m energy marke ubstantial ch port at 24.6% o the deploy n the grid de ’s not everyw subsidies to ion in 2025. he renewable optimal. The e EU is tacklin pt that public manage the c et. allenges rem %. ment of rene evelopment. where that b renewable-b e energy boo e learning cu ng this issue c support wil cost. The des

main. In 2012 ewable energ usiness pays based genera om, on the d rve is slow. B with new sta ll be needed sign must be , the power s gy. In s. ation ownside, But the ate aid in the more sector was

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In additio per tonn power ge energies In fact th mothbal out to be regardle renewab Frankly s Of cours the best We appl of regula the ENTS In electr Northern and Cent countrie Vizegrad are proje Next to t is on its w

on, the carbo ne of CO2 in 2 eneration – t s. he EU saw a r led in severa e lower than ss of low ene bles, there is speaking, the e an issue of tool to mana aud the wor ators and tra SOs. The role

icity, the pric n and Weste tral East and s as isolated d countries. W

ects of comm this, the tran way, but net

on price in th 2008 to 6 Eur this is rather revival of coa al countries. expected. A ergy demand also lower u ere is conside f major impo age the cost k on harmon nsmission sy e of ACER wil ce coupling o rn Europe. W Southern Eu markets, suc Work is ongo mon interest. nsformation o tworks and b he European ro in 2014. Th being pushe al use in pow Prices for na And solar PV, d. This pushe utilisation of t erable distor ortance is the of the energ nising rules fo ystem operat l be key in de of the region We have regio

urope are lef ch as Spain, oing to speed This needs t of the energy ack-up gene Union Emiss he carbon m ed by nationa wer generatio tural gas inc

bioenergy a ed down who thermal pow rtion in the e e integrated m gy transition or cross-bord tors and thei

elivering a Eu s has been g onal markets ft out. Key int Portugal, Cyp d up investme to be swiftly y system wit ration are no sion Trading arket did not al subsidies t

on, while gas reased, while nd wind pow olesale electr wer plants, wh lectricity ma market. A fu in the future der trade and r co-operatio uropean regu rowing, but s – there is n terconnectio prus and Ma ent in EU-wid implemente h higher sha ot yet ready. Scheme colla t deliver on t to energy eff -fired power e coal and ca wer were add ricity prices. I hich earn les rket. lly integrated e. d networks, g on at EU leve ulatory view. market integ o internal m ons are missi lta, the Balti de network c ed. res of variab In electricity apsed from 3 the decarbon iciency and r r plants are b arbon prices ded to the sy In a system w ss. d EU electric greater indep el through AC . gration is con arket yet in t ng, leaving E c states or th connections, le renewable y, harmonisin 30 Euro nisation of renewable being turned stem with high ity grid is pendence CER and nfined to the EU, U he and these e energies ng rules

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for trade national There is Wholesa consume the histo But now the shale changed EU refini restructu Lower EU recent co Germany average higher th This imp petroche The IEA intensive cement, emergin e and networ grid. By inte no need for ale market op

ers are not fe oric incumbe let us take a e gas revolut the global c ing capacity uring EU crud U demand, lo onvergence, y were aroun Asian LNG p han in the US acts mainly i emical, indus World Energ e goods, espe chemicals, p g economies rk operation erconnecting investment f pening has n eeling the be nt in many m a step back fr tion in North ompetitiven has declined de productio oss of export is set to rem nd USD 9 to U rices of arou S, but much l industry whic stries. y Outlook ou ecially for ch pulp and pap s are to incre

has been dif Europe, grea from a natio ot translated enefits of sup member state rom Europe, America, an ess picture. by 8% since on. t markets and main. EU gas i USD 10 per M nd USD 12 to lower than in ch uses gas a utlined in 201 emicals, is se er, iron and ease export m fficult, as sys ater resource nal system p d to the retai pplier switchi es persist.

for the regio d energy dem

2008 and 15

d the gas pric import prices Mbtu, compa o USD 15 per n Asia. and electricit 13 that the E et to fall by 1 steel. This is market share tem operatio e pooling and oint of view il level, which ing, as regula on is not disc mand growth 5 refineries h ce gap amon s at major hu ared to US ga r Mbtu. In ele ty as feedsto U share in th 10% across a more than J s. on remains la d capacity sh alone. I will h is national ated prices a connected fro h in Asia, hav

have shut dow

ng the EU, US ubs such as N as prices of U ectricity, EU ck, thus ener he global exp ll energy-inte apan. At the argely confin haring is poss come back to in scope, and nd market po om the world ve tremendo wn, further S and Asia, de Netherlands, USD 4 per Mb wholesale p rgy-intensive port market f ensive goods same time t ned to the sible. o this. d ower by d. Indeed ously espite UK, btu and rices are e, for energy-s, such as the US and

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Power ge energies electricit Terawatt Ensuring margina capacity need to Renewab Nuclear coal plan will Euro of 2.2 tri Nuclear unavoida clean coa renewab eneration ha s and gas-fire ty demand co t hours to fe g generation l operating c mechanisms achieve syste bles require capacity is ar nts. Today, th ope replace t illion US dolla is the largest able from a c al. With almo bles and natu

as seen an inv ed power gen ollapsed in 2 wer hours at adequacy in osts is uncha s at a nationa em operatio a major upgr round 30 yea hey ensure b hese retirem ars with capa t low-carbon climate chan ost no invest ural gas syste

vestment bo neration. Ele 008. And fos t lower whol a system wit arted territor al level. This n and adequ rade of the E ars in the EU baseload elec ments, repres acity addition n source of el ge perspecti tment in clea em. The EU s oom worth U ectricity gene ssil-fuel powe esale prices. th high share ry. The worst will further d acy at least a EU transmissi and new en ctricity supply senting 501 G ns of 738 Gig lectricity. An

ve. Slow pro an coal and n hould mainta SD 100 billio eration from er plants red es of variable t solution wo distort regio at the level o ion system a vironmental y, with share Gigawatts? T gawatts need d let us be cl gress of CCS new nuclear, ain diversity n, in particul renewable e duced their ge e renewable ould be renew nal electricity of the interco nd this is now rules oblige es of 28 and 2 he IEA expec ded up to 203

lear, the dec in the EU me we are conv and baseloa lar in renewa energies incre eneration by energy and v wable subsid y markets. In onnected reg where near o us to close d 27%, respect cts investmen 35. line of coal is eans slow pr verging towar d. able eased but y 260 very low dies and nstead, we gions. on track. down old tively. How nt needs s rogress on rds a

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Import d record lo of LNG te Pipeline Stream p depende Two obs hampere internati and the The 2009 aftermat gas pipe So what Upstream Mediterr LNG rem LNG. US Also, sha unconve sufficien practices dependence i ow, with 18% erminals in E imports to E pipeline, hav ent on Russia tacles preve ed by a lack o ional commo EU. 9 gas crisis al th of the 200 lines and rev does the fut m underinve ranean and N mains the mo

and Australi ale gas persp entional gas b t public conf s could be ap is on the rise % of gas impo Europe is low Europe, notab e increased f an gas for som

nt the EU fro of interconne odity markets lso showed t 09 crisis, the verse flows, h ture hold for stment in th North Africa, st credible d a will becom pectives in th by 2035 unde fidence. Inte pplied also w e with fast-de orts – or 46 b w, averaging 2 bly Russian g from 145 bcm me time. Tha om diversifyi ections. Seco s, and higher

the key impo EU reformed higher LNG im Europe? e Middle Eas will affect n iversification me LNG expor e EU are gloo er the condit rnational exp within the EU.

eclining dom bcm in 2013, 24%, leaving gas imports t m in 2010 to at is the reali

ng its gas sup ond, the EU f

r exposure to

ortance of gas d its gas eme mport and ga st including I ew gas supp n option, and rters, and so omy. Europe tions of a sup perience on s .

estic gas pro compared w 70% spare c hrough Ukra 167 bcm in 2 ty. pplies. First, aces growing o price differ s storage in I rgency polic as storage ca

ran, Iraq, and lies.

d the medium will Canada. e could poten pportive regu shale gas pro

oduction and with 87 bcm i capacity. aine, mostly t 2013. The EU access to sto g competitio rentials amon Italy, German ies and bene apacity. d Qatar, as w m-term outlo . ntially develo ulatory and p oduction incr LNG imports n 2010. The through the U is set to rem orage and LN n for LNG in ng Asia, Nort ny and Austr efits from sev

well as the Ea ook is good fo op up to 80 b political fram reases and m s at a utilisation new Nord main G is th America ria. In the veral new astern or new bcm of ework and many best

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In terms This grow Since 20 three red There is has been the decli That said end of 20 Directive The EU is Over one these im Despite t IEA will n of oil, the EU wing imbalan 08, EU crude ducing their another tren n falling mark ine in EU dem d, oil security 013, the EU h e in 2009. s exposed to e-third is sup mports. Divers the overall a need to be cl U is importin nce in oil dem e processing output. nd boosting E kedly, declin mand. y levels are g held emerge o global oil pr pplied by Rus sification of p lignment of losely co-ord ng increasing mand is also t capacity has Europe’s imp ing by more good. The EU ency stocks o roduct disrup ssia via pipeli

pipeline supp EU and IEA r dinated. This amounts of the result of decreased b port depende than 50% ov currently im f 100 days of ptions, but al ines, and cer plies is key, t ules, the oil s

can ensure a

diesel and ke f taxation wh by around 8%

ence: indigen ver the last d

mports crude f net imports lso dependen rtain EU mem too. stock monito an effective I erosene whi ich favours d % with 15 ref nous crude o ecade, thus a oil from a ra s. The EU rev nt on Russian mbers are hig

oring carried EA collective le exporting diesel. fineries closin il production at a faster ra ange of sourc vised its Oil S

n crude oil by ghly depende out by the E e action. gasoline. ng and n in the EU ate than ces. At the tocks y pipeline. ent on EU and the

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But let u EU 2030 long and As memb strong “E not repre climate a To make must bet the com Focus is nuclear; need to An EU-w uncertai governan renewab The EU i supporti benefits likely to Meeting targets a national s turn back t targets are v d costly trans ber states ad Energy Union esent a buye and energy p e the most of tter pool its r petitiveness also needed and compet be linked to wide RES targ nty remains nce for the 2 bles, and re-t ndicative tar ve of increas of energy ef change. g multiple ene and measure and EU and to climate go very ambitio sition ahead, dopt differen n” is needed er’s cartel. Ra policies. f the diversity resources wi of its indust on the powe titiveness nee energy polic et of at least around the p 2030 EU wide think the sup rget of a 27% sing the amb fficiency are y ergy policy o s. The 2030 f across EU en oals. us. Looking a if no new m nt energy pol to achieve t ather, it shou y of its energ ithin the inte

ry. er sector, the eds to be fac cy. It remains t 27% require perspective f e target, the pport scheme % reduction o bition toward yet to be eva objectives req framework w nergy, climat at the lesson easures are p icy choices a he EU 2030 g uld feature an gy sources, a ernal energy e modernisat ctored into en s unclear wha es new imple for renewabl EU should im e design, bas of energy effi ds 30% for tw aluated and 2 quires a close will need to e te, industry, t s learned fro put in place. nd decarbon goals. But let n integrated nd to move t market to en tion of coal, nergy policy. at the 2030 f ementation t le heat and t mprove the tr ed on the les ciency is equ wo reasons: 1 2) the techno e alignment o embrace strin trade and co om the 2020 nisation path t’s be clear: s energy mark towards an E nhance both combined he . The transpo framework w ools, but no ransport. W racking of su ssons drawn ually ambitio 1) multiple so ology and ec of all policies ngent coordi mpetition. targets, we hways toward such a union ket and effec

Energy Union energy secu

eat and powe ort sector wil will bring for b

rules are in p When setting u ubsidies, not

from the 20 us. The IEA is ocial and eco

onomic cond s, coordinatio nation betw have a ds 2030, a should ctive n, the EU rity and er and ll also biofuels. place, and up the only 20 policy. s nomic ditions are on of een

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And with It is time welcome make it h measure There ar competit To achie be recon energy s Let me s developm to suppo subsidies We shou specific p technolo h that, let me e to reconcile es the new a happen! Low es to managin re many secu tiveness of t ve these obj nciled by ens ubsidies is a tress again t ment and ab ort coal-to-ga s.

uld not overp policies to re ogies, such as e turn to our e energy and pproach that wer complian ng the cost o urity benefits he EU indust ectives, the t uring that pu first step to he importan batement pol as switching, promise on sh emove non-e s nuclear, CC final recomm climate obje t the Europe ce costs from of the transit s from energy try. Climate a trade-off bet ublic interven effectively m ce of a stron icies. The IEA

and some in hort-term ca conomic bar CS and renew mendations. ectives with e an Commiss m an integrat ion towards y efficiency a and energy n tween public ntion is cost-manage disto nger EU-ETS – A recommen nvestment in arbon market rriers are nee wable energie economic gro ion is taking. ted energy a a low-carbon and renewab need to go ha c intervention -effective and ortions. – it needs to nds a swift EU renewable e ts – the EU E eded to boos es. owth and en . Commission nd climate p n economy. bles. They are and in hand. n and compe d least distor adjust to cha U-ETS reform energies thus TS alone is n st investment ergy security ner Arias Cañ olicy are ess

e improving etitive marke rtive. Trackin anging econo m along with p s lowering th ot sufficient t in low-carb y. The IEA ñete will ential ets should ng all omic proposals he need for . Sector bon

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The Euro More cro diversity at some The elec integrati intercon framewo need to In terms beyond t Southern unconve In an inte prices th activated opean electri oss-border tr y in the EU. In borders and tricity system ion of intra-d nected syste ork nor trans remunerate of gas, next the EU and c n gas corrido entional gas i ernal energy hat exist in a d, so that con

icity and gas rade offers b nterconnecti congestion m has to acco day and balan ems. Some TS sparency on r generation d to ensuring continue the or is a success s a good mea y market, wh number of m nsumers can markets also benefit from c ons are vital remains high ommodate v ncing electric SOs are alrea reliability. To depending on

full access to push for dive s in this resp asure, where olesale mark member state enjoy the be o need furthe capacity – in . Still a lot re h. ariable renew city markets, ady working t o secure inve n the time, lo o storage and ersification, t ect and shou e it is possibl ket opening s es need to be enefits of gre er integratio the form of emains to be wable energ , system ope together, bu stment in th ocation and c d LNG across through LNG uld be scaled e. should benef e phased out eater choice. n. storage, LNG done, as cap

ies. This requ ration and ad t there is ne e coming de contribution s the borders G and new su d up. At the s fit consumer t and deman . G, and backu pacity actuall uires greater dequacy at t ither formal cade, marke to the syste s, action need pply sources ame time, s. Regulated d-side respo p – and ly declined r he level of t rules m. ds to go s. The retail nses

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Nuclear power p decision decomm EU-wide and the Let me c EU level. were ava Howeve CCS or o Program risk guar should fi particula And so, C encourag question remains the lants have be s on new pla missioning as rules to sup safety and se conclude by s . We applaud ailable to ene r, the demon ffshore wind mme for Reco rantees. Toda inance the p ar its contribu Commissione gement for t ns. largest low-c een operatin ants, safety, u well as spen port these d ecurity conce stressing the d the increas ergy RDDD in nstration and d have not go overy show th ay, the EIB w rojects that a ution to com er, ladies and the work that

carbon sourc ng for more t upgrades and t nuclear fue ecisions are erns linked to

need for tec sed energy RD n 2007-14. d deploymen one ahead. T hat we need works like a p are most diff mpetitiveness d gentlemen, t lies ahead. ce in the EU e than 29 years d uprates, lic el and radioa important gi o nuclear wa chnology inn DD funding u t funding sho he New Entr to leverage l rivate bank a ficult. EU ene s and innovat , I trust our r After your r electricity m s. The ageing cence extens ctive waste m iven the sign aste managem ovation and under the Ho owed mixed rants Reserve large-scale fu and does not ergy funding

tion.

review and re remarks, Mr

ix. But half o g of the EU re ions, retirem managemen ificant role n ment. better financ orizon 2020. A results – dem e or the Euro unding at the t take on boa should be re ecommendat Ristori, I wou f the EU’s 13 eactor fleet r ments, and t. nuclear plays ce managem Around EUR monstration opean Energy e EU level an ard any risks egularly mon tions provide uld be happy 31 nuclear requires s in the EU ment at the 10 billion plans for y d higher-– the EIB itored, in e you y to take

Figure

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