Europe’s energy crisis is set to persist for years if the region fails to reduce demand and secure new gas supplies, according to fresh warnings from energy industry executives and analysts.
Mild autumn weather and a dash to fill up storage sites across Europe has bolstered the region’s energy security this winter, but concerns are starting to mount over whether sufficient supplies will be available next summer and for the winter that follows.
“We are in a gas crisis, and we will continue to be in a little bit of a crisis mode for the next two or three years,” said Sid Bambawale, head of liquefied natural gas for the Asia region at Vitol, the world’s largest independent energy trader, speaking at the Financial Times Commodities Asia Summit in Singapore. “So let’s not develop a false sense of security.”