Nuclear
Germany sees no need for third Nord Stream string
Founded with the support of former Russian President Vladimir Putin and then German Chancellor Gerhard Schroeder more then ten years ago, the Saint Petersburg Dialogue has turned into an annual event where, amongst others, representatives of Russian and German major companies meet. As a result of the German decision to phase out nuclear energy by 2020, the business debate was mostly dominated by energy. Russian First Deputy Prime Minister Victor Zubkov stressed Russia’s willingness to increase gas supplies to Germany and suggested to build a third string of the Nord Stream pipeline if needed. German Chancellor Angela Merkel, however, does not see any need to increase gas supplies from Russia, arguing that renewable energy would replace most of the nuclear power plants.
Does German 'Ausstieg' mean more Russian gas?
Germany has set out a daunting challenge for itself to come up with a sustainable solution for finding an alternative to almost a quarter of its electric power mix, after its government decided to phase out nuclear energy by 2020. As part of the solution, the push for renewable energy in Germany will undoubtedly become even stronger. We will similarly witness a strong push for gas as a flexible and cleanest of all fossil fuels. At first glance the case seems simple. Additional gas demand could be covered with more gas from Russia with the first string of Nord Stream becoming operational this year. While German politicians appear to be in favour of this, German energy majors, such as RWE, seem to see things differently.
The end of Japan's nuclear era. A new opportunity for Russian gas?
It has been little over week since Japan was hit by a tsunami causing an unprecedented natural catastrophe in Japan. The disaster is of apocalyptic scale and will have many implications for the energy future of Japan. Its consequences are also reaching beyond Japan and affecting world's energy markets and the way policy makers are rethinking the price of a nuclear renaissance. In the case of Japan, already many believe nuclear energy will no longer be sustainable. Low carbon alternatives to nuclear energy are few. Since renewable energy cannot provide sufficient energy for decades to come, the only low carbon alternative seems to be gas. In this sense a new window of opportunity could emerge for the hydrocarbon development of Russia's Far East, a region abundant in gas and geographically near to Japan. Political relations have, however, been overshadowed by a dispute over the South Kuril Islands, a dispute that dates back to World War II. Russia remains the only country with whom Japan did not conclude a peace treaty after World War II. The EEO wonders whether this tragic chapter in Japan's history could result in an opening towards closer cooperation on hydrocarbon production between these two neighbours.
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