Rafael Mateo CEO Energy , Acciona The fall in energy demand was an unprecedented challenge : it tested the resilience of operators and the ability of national grids to preserve a stable supply . The contraction in demand led to a fall in energy prices and intensified the cannibalisation of prices in the wholesale markets .
We have seen increased competition from funds , oil and gas firms and others , with different expectations of profitability . Acciona is well prepared to compete in this scenario .
In the European energy sector , 2021 is the year to implement an appropriate framework to speed up the replacement of obsolete , carbon-emitting capacity with new clean generation . It is also the year when we will see the EU move forward with post-Covid recovery plans , including stimuli oriented towards a more sustainable and resilient recovery though decarbonisation . PB
Hans van Cleef Senior energy economist , ABN Amro ( Amsterdam ) The drop in demand for energy was the most shocking one in my view . Although there was lower demand for electricity as well as natural gas , the biggest decline was seen with oil . That is also the hardest to recover because , despite economic stimulus packages and vaccine programmes , aviation will be hurt for longer .
The European Green Deal , which should give a huge boost to the European energy transition ; the Opec + oil production cut agreement as it gives support to oil prices ; and what also stands out is the uptrend in EU ETS prices which resulted in a record-high earlier this year , in combination with the fact that carbon emission reductions on the European scale are on track to meet the targets .
It will be interesting to see whether LNG will continue to flow towards Asia , leading to higher natural gas prices in Europe . KS
Pete Jones VP operations Europe , Neptune Energy ( London ): Demand for oil and gas as well as oil-related products took a significant hit . The impact on commodity prices was severe , and gas prices , which were already low , remained so for some time . We also saw oil and gas companies defer or stop billions of dollars in capital investment to manage their cashflow , with a knock-on effect for energy supply .
The strong emphasis on a green recovery . This provides more opportunity for CCS and hydrogen projects like ours , while meeting energy demand . It ’ s also interesting to see the EU willing to tackle offshoring of emissions , while countries are looking to significantly increase their own carbon prices . With COP26 coming up , there is a real opportunity for the UK to lead on carbon reduction commitments .
The ongoing recovery from Covid-19 and the resulting impacts on oil and gas prices will be front and centre , as well as the impacts on supply following the huge capital curtailments that were seen in 2020 . KS
Enrique Gonzalez Director of communications , BP Spaing The current crisis has accelerated the idea of building a more sustainable environment in line with the Green Deal , which sets the regulatory framework for achieving climate neutrality by 2050 . It is in the midst of a transition to a zero-emissions industry through investments that will contribute to the economic recovery and accelerate decarbonisation .
Over the next decade we plan to scale-up our low-carbon electricity and energy businesses such as renewables , biofuels , and hydrogen . We expect to be directing at least 40 % of our investment into these areas by 2030 .
These plans are just the starting point : the real challenge for bp is to pivot from an international oil production company to an integrated energy firm delivering solutions for customers while keeping the world going and allowing countries to develop and making the world safer . ET
Camilla Palladino EVP corporate strategy and investor relations , Snam The pandemic has accelerated existing trends that were moving at a slower pace , with decarbonisation and digitalisation at the forefront . From our perspective as an infrastructure operator , we had to tackle the challenge of managing and securing our grid whereby guaranteeing the energy flow from suppliers to consumers , which has showed the resilience and vital role of our network .
2020 saw hydrogen take centre stage in the energy landscape , and we believe that it will play a fundamental role in decarbonising the economy going forward . Significant progress on coal-to-gas switching across Europe was another effect accelerated by the pandemic .
2021 is a key year for policy decision makers to shape the future of energy markets and it will mark the start of a green energy capex super cycle . Specifically , the EU has a very busy agenda which includes the revision of the renewable energy and gas directives , the expected draft legislation to increase 2030 targets , as well as the ETS revision . ET
Montel Magazine 1 – 2021