O Jean-François Sirellipresident of the French subsidiary of the investment group BlackRock and former head of the French gas company Gas from Francein an interview with the newspaper “Les EchosPoints out the risks to European gas markets in the event of a Russian supply cut and warns that “the gas market will be in the same situation as the banking market during the 2008 Lehman Brothers bankruptcy”, with a however, there is a big difference, that of the non-existence of a European Central Energy Bank to intervene and prevent disaster.
“In terms of risk mitigation measures, it emphasizes the need for continued EU coordinated action, as it states that a single initiative from one country or the other would risk destabilizing the entire market”, given the high degree of interconnection and interdependence of gas networks, and considers the urgent need for public intervention, in a form to be determined, to ensure market liquidity, as in the financial markets.
On France’s proposal for a cap on gas prices in Europe, after emphasizing the lack of consensus in Europe and especially the hostile attitude of Germany on this issue, proposes a “dispute agreement”, as it exists for renewable sources energy in order to reduce the price for consumers.
«That is, if the purchase price of gas is higher than a certain fixed price, the difference is covered by a public mechanism and not by the consumer, who must remain as a mechanism responding to an abnormal and temporary situation»
He considers the cessation of the purchase of natural gas from Russia a “fundamental problem”, as, as he notes, the production of other suppliers will not be sufficient to compensate for several years, emphasizing that what must be avoided today is a collapse of market, which would lead to even more outrageous prices.
Follow Skai.gr on Google News
and be the first to know all the news
