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Building the EU’s Gas Transition with Russia — Thierry Bros (Ep 49)

Thierry Bros – Episode 49

This week we speak with Thierry Bros, he’s a professor at Sciences Po in Paris. In the introduction I use the term  ’eminent expert on gas’ and after listening to this interview you will be using this term too.

On the podcast, I try to keep introductions short but pay attention to his experience on the EU- Russian gas roundtable or his lead with the liberalization of the French gas market. I’m really honored for him to come onto the podcast to discuss his latest study done with Jean-Arnold Vinois, published by the Jacque Delors Energy Centre, titled, High Energy Prices, Russia Fights Back? In my opinion, this is one of the best reports on the current crisis in the gas market. It is direct, clear, and full of advice and information.

Thierry provides a succinct path for how the European Commission – and national governments need to navigate the current crisis and overall energy transition. He is very clear in stating, we can’t jump from 2020 to 2050. In his view, the Commission forgot this.

In this episode, we balance his perspective between the market deciding on the technologies to get us to net-zero, and governments subsidizing our way through a green transition. That is, making energy affordable to households but smoothing the volatility that is caused by phasing out fossil fuels- and the natural rhythm of commodity markets.

There is €30 billion coming from the EU’s Emissions Trading System (ETS), this money should be used to assist households with the transition and put into R&D for new technologies – not given to large corporations to fund incremental improvements.

Towards, the end we get to Russia- EU gas relations. Here Thierry’s perspective is clear: The EU Commission needs to step up and engage with Russia over Nord Stream 2 and the medium-term role of gas in the EU. He cites the disparaging treatment the EU has given towards Russia on the role of gas in the green transition. As EU suppliers dry up – like the Dutch and Norwegian fields, Russian gas is increasing its share in the EU. A long-term strategy needs to be developed to ensure sufficient investment occurs to weather the transition phase. For Thierry, he believes in the long-term viability of Carbon Capture and Sequestration (CCS).

But I would say, regardless of your view on CCS, gas is with us for the long-term, the current under investments, and high prices, like what I discussed with Adam Cyzewski, the Chief Economist of PKN Orlean, in episode 44, it is clear, jumping to a 2050 energy mix, without a deliberate strategy over infrastructure and without ensuring stable relations with gas suppliers, is not viable. Rather, a phased transition is needed that involves specific milestones and partnerships.

Thierry Bros

My suggestion is to listen to this episode and read the gas report, you’ll learn a lot about the causes and solutions to the current gas prices.

Finally, there is an incredible amount of information in these podcast episodes – just like this one – I do make the transcripts available on the My Energy 2050 website. Just as a note, I’ll be using these interviews to inform my own research, so if you are also a researcher, I suggest you check out the transcript – and even cite the episode in your publications. That actually helps my own citation scores and makes doing the podcast more fun than writing another journal article.

Finally, for comments, I suggest to jump on the LinkedIn or Twitter posts of the episodes and leave comments there. Social media is a great way to share knowledge and grow the quantity of high-quality information about how to make the energy transition a reality.

Transcript of the episode

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