Gas security and emergency preparedness

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1 Gas security and emergency preparedness Didier Houssin Director, Sustainable Energy Policy and Technology G20 Energy Sustainability Working Group Melbourne, 11 February 2014 OECD/IEA

2 Gas is seeing major growth in the fuel mix Growth in total primary energy demand Gas Coal Renewables Oil Nuclear Mtoe Today's share of fossil fuels in the global mix, at 82%, is the same as it was 25 years ago; the strong rise of renewables only reduces this to around 75% in 2035 OECD/IEA

3 Oil and gas: Fundamental differences Oil o Predominantly used in the transportation sector, no substitution. o Infrastructure, transportation and storage costs relative low compared to the value of the commodity. Gas o More diversified utilisation: o building heating o power generation o industrial heat and chemical processes. o Infrastructure, transportation costs a significant portion of the final price of the commodity. o Storage quite expensive. LNG is also difficult to store for a long time. OECD/IEA 2012

4 Even cheap gas is expensive to ship Indicative economics of LNG export from the US Gulf Coast (at current prices) $/MBtu $/MBtu Average import price Liquefaction, shipping & regasification United States price To Asia To Europe New LNG supplies accelerate movement towards a more interconnected global market, but high costs of transport between regions mean no single global gas price OECD/IEA

5 Different regions, shared experiences Emerging exporter and increase share of natural gas use Decline of production Pipeline based imports Large LNG imports Limited production Emerging gas consuming region Emerging gas supplying region Large new LNG exports Large differences world wide in gas markets Worldwide engagement to indentify and share best practices to ensure reliable energy for all. OECD/IEA 2012

6 IEA activities IEA has broadened the concept of energy security to cover natural gas & electricity Emergency policies for gas & electricity need to be: o For defined emergencies only o Not for seasonal fluctuations o Designed for specific situations of country / region o Set out in Code of Operations or equivalent o Not designed to manipulate or control the operation of efficient, transparent markets IEA now working with member & partner countries on emergency response policies for oil, gas & electricity to identify & share best practices OECD/IEA

7 The European Crisis of 2009 Lessons for Global Markets Lessons for the LNG market: o Promote flexibility by increasing the ability of terminals to accommodate variable quantities of gas as well as gas from a range or sources or destined for a range of different markets. o Reduce over-reliance on contracts with destination clauses and oil price indexation. o Support policy efforts to establish LNG trading hubs that facilitate secondary trading and enable price signals reflecting gas market fundamentals. Lessons for Global Gas Security o Efficient markets supply better security than restrictive regulations. o Market transparency, open communication are key to efficient markets. LNG-Producer-Consumer Conference JODI Gas o Gas security should be integrated into overall energy and other -- security planning. OECD/IEA 2012

8 G20: scope to enhance cooperation Increase flexibility and efficiency of gas markets to ensure gas security of supply. Maintain a supportive investment framework for gas infrastructure. Share best practices to enhance gas market flexibility and emergency response. Improve transparency of international gas markets, especially through increased cooperation with existing initiatives such as JODI Gas. Encourage all countries to develop integrated emergency response mechanisms that address not just gas but all energy sources as well as energy infrastructure within the context of overall disaster response. OECD/IEA 2012

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