Conference: Energy Markets of SE Europe Offer Many Possibilities
Energy markets of South-East Europe have extensive potential, therefore it is necessary to get ready for entering these markets in the future, Haris Boko of the Croatian Energy Institute Hrvoje Pozar told Wednesday's conference on energy markets in SE Europe.
To catch up with the EU the region will need EUR 20bn in investment, he added. By 2010 the region will have to increase its capacities because of growing demand, furthermore, some facilities need to be renovated, Boko said.
Objectives for the development of the energy markets of SE Europe are already set. However, there is a number of unresolved issues, since privatisation, liberalisation and regulation of the markets are still to be carried out, said Damjan Stanek, director of the Slovenian energy market operator Borzen.
The EU framework is positive and a big step forward in creating a joint European energy policy, Stanek added. He added that SE Europe and EU depended on each other in energy.
Meanwhile, Foreign Minister Dimitrij Rupel noted that Europe needed to build an integrated energy market due to increasing dependence on foreign oil and natural gas sources.
The EU is highly dependent on natural gas from Russia and oil from the Middle East. Geopolitical developments are often the cause of disruptions in the supply of these reserves, Rupel said, adding that these reserves are not infinite. In his opinion the EU needs to make some drastic changes.
Europe should increase the use of environmentally friendly energy, Rupel continued. He added that the transition to green energy also required a change in thinking. The EU should send a clear message to the rest of the world in this respect, he concluded.
Hideshi Emoto of the International Energy Agency said that at the moment, the world is facing a double energy threat: insufficient and inadequate energy reserves and environmental damage, including climate change. The use of fossil fuels should therefore be reduced.
Jean Lamy of the French Ministry of Economy, Finance and Industry noted that energy security is seriously jeopardised. According to him, the dependence on the foreign energy sources should be decreased and home energy production increased.
Investors in the market need transparent, stable and predictable conditions for their investments, Lamy added. Europe should be prepared in case of an energy crisis, therefore France suggested the establishment of an energy security network, he continued.
The participants of the conference organised by the Institute for Strategic Studies, a Slovenian think-tank, also discussed the Stern Review on the Economics of Climate Change, which deals with the balance between ecology and economy.
Climate change adviser Tom Pravda explained that the review clearly shows that climate change will have a great impact on the world economy.
According to Pravda, the review also reveals that climate change and not terrorism is the biggest threat to the world. This is a long-term problem, however it can be lessened if measures are taken immediately. Here the EU will play a key role, Pravda added.
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