The importance of energy security, synergies and balance in terms of dependence on different energy sources was highlighted by speakers at a topical panel of the 11th Delphi Economic Forum.
Joshua Volz, Special Envoy for Energy Integration at the U.S. Department of Energy, stressed that government policies, private initiatives and PPP projects are necessary conditions for energy security and decoupling. “The US has proven to be a secure energy partner as it does not instrumentalize energy,” he noted. “We believe there are many opportunities for cooperation in the EU,” he added, noting that “there needs to be diversification in terms of energy sources, but also synergies.” On modular nuclear reactors (SMRs), he said they “will change the world, as the internet has changed it”, and announced new technologies in this field, which he said would be announced on 4 July.
Alexander Exarchou, Chairman & CEO of Aktor Group and CEO of Atlantic SEE LNG Trade, noted that the All Corridor is very important for decarbonisation Russian gas, and stressed the need for Europe to be strong, energy independent and maintain a balance in its dependence on different sources. He described this balance as “of geopolitical importance”, as he said it offered stability and security. “The balance between the supply of US LNG and the Vertical Corridor is the key to energy security, which is also linked to national security,” he said.
He also stressed that it is a problem that “the EU does not speak with one voice”. “It would be more competitive than Russia and China if, in addition to the single currency, it had a common economic and defence policy. We have to convince it to become a state,” he said. At the same time, he expressed concern that from next winter there could be a shortage of LNG, which he estimated could trigger inflationary pressures, as happened during the pandemic period. He suggested “long-term agreements” with the US and other suppliers as a solution, and stressed that the opportunity should not be missed for Greece, given its geopolitical position, to become a gateway for LNG through its ports.
Northern Macedonia’s Sanja Božinovska,Minister of Energy, Mines and Mineral Resources, stressed that no state can do it alone and that together with Greece and Serbia, the three countries act as a transit hub for the EU’s decoupling from Russian gas. “We have to prepare for the future in cooperation with other states,” he said, stressing the need for interconnectivity between the Balkan countries, as well as the use of renewable energy sources and small nuclear reactors.
Bulgarian Energy Minister Traicho Traikov said that today the situation is very different due to the geopolitical situation and that the conditions for mutually beneficial agreements now exist. He also said that although a new government has not yet been formed in the neighbouring country, renewable energy storage infrastructure, hydropower plant reinforcement and new units at the nuclear power plant are being launched.
The discussion was moderated by Vassilis Kazas, Managing Director of Grant Thornton Greece.
