2022 'will be regarded as a seminal year, or really the beginning of a completely new system,' says the CEO of Italy's Enel, one of the world's largest power companies.
“We are seeing nothing less than the termination of a successful 50-year partnership on gas between Russia and Europe,” said Michael Stoppard, special adviser and global gas analyst at S&P Global Commodity Insights. “That is leading to a recalibration of supply and demand and that will take time, andThat dichotomy is evident in numerous countries. Poland is Europe’s fastest-growing market in terms of adding heat pumps.
Governments in the United States and Europe both openly shifted to supporting “friendshoring” of strategic supplies to allies, regardless of the likely higher cost, and amped up the use of tax and aid packages to develop nuclear, solar, wind, and hydrogen resources. Their moves are not just meant as a specific response to Russia, but to counter China as well, by developing resources to offset that nation’s dominance in production of solar panels and mining for key materials for batteries.