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Energy crisis is “far from over” – Engie CEO


19 Sept 2023 13:38




19 Sept 2023 13:38

(Montel) The energy crisis “is far from over” and the EU is not immune to gas supply disruptions or a rebound in demand even though the winter outlook is better than last year’s, Engie CEO Catherine MacGregor said on Tuesday.

“We are approaching this winter with confidence,” the French utility’s chief told gas lobby Francegaz’s annual conference.

However, she added: “The crisis is far from over. We must remain vigilant.” 

The “room for manoeuvre for the next few years” would be “limited” until new LNG capacities arrived on the market from 2026 onwards to cover the loss of Russian gas supplies, she added.

In addition, a recovery in demand for LNG outside Europe “could push market prices back to high levels”, with the latter remaining “extremely volatile”, as shown by the recent price rise amid an Australian LNG strike, MacGregor said.

“Energy efficiency will remain relevant,” she said.

Indeed, the gas sector had to “secure imports and use stocks prudently throughout the winter to anticipate winter 2024-2025”, French energy minister Agnes Pannier-Runacher told the conference.

“We are not yet completely safe,” said Mechthild Woersdoerfer, the European Commission’s deputy head of energy.

“There may be a very, very cold winter, and there is always geopolitical uncertainty, so we must continue the efforts.”

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