Financial Times publishes letter by IENE Chairman on the fragility of Energy Transition

Financial Times publishes letter by IENE Chairman on the fragility of Energy Transition Following the publication over the last few days by Financial Times columnists of a series of articles on the difficulties and problems involved related to the attempted rapid decarbonisation and the uphill path towards decarbonisation, IENE’s chairman responded by welcoming FT’s change of tack. His full letter addressed to the editor of the FT and as published in today’s edition (October 13,2021) follows:

Financial Times publishes letter by IENE Chairman on the fragility of Energy Transition

 

Following the publication over the last few days by Financial Times columnists of a series of articles on the difficulties and problems involved related to the attempted rapid decarbonisation and the uphill path towards decarbonisation, IENE’s chairman responded by welcoming FT’s change of tack. His full letter addressed to the editor of the FT and as published in today’s edition (October 13,2021) follows:

 

It’s a rocky road to a future free from fossil fuels

From Costis Stambolis, Chairman and Executive Director, Institute of Energy for South-East Europe, Athens, Greece


Dear Sir,


It has become crystal clear over the past few weeks that the energy transition is not going to be an easy ride, with renewable energy sources becoming the dominant energy source in a short period of time (“Gas crisis shows why we must stop demonising fossil fuels”, Opinion, September 25; “Memo to countries going green: don’t be like the UK”, Opinion, October 7).

We continue to face ever increasing gas and electricity prices, the outcome of many years of under-investment in basic energy infrastructure and the negative sentiment systematically cultivated in certain quarters against coal and fossil fuels in general.

Although it is true that sometime in the future renewable energy sources, backed by advanced power electronics and ample hydrogen and battery storage, should be able to shoulder the majority of the electric load, we are not there yet. The technology at the scale required does not yet exist.

Meanwhile, until we reach the happy stage of clean fuels providing the bulk of required energy, we have to rely on gas and nuclear.

 

 

Costis Stambolis Chairman and Executive Director, Institute of Energy for South-East Europe, Athens, Greece

 

 

EVENTS IENE Seminar "Managing Energy Markets in a Complex World" Energy & Development 2021

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PUBLICATIONS The Greek Energy Sector 2020 Long-Term Gas Contracting Terms, definitions, pricing - Therory and practice SEEEO 2016-2017 More

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