Posted on 10/06/2021 5:38:06 PM PDT by Navy Patriot
The European Commission (EC) made a mistake when it curtailed long-term contracts and switched to gas trading on the stock exchange, Russian President Vladimir Putin said at a meeting on energy sector development on Wednesday.
"The practice of our European partners has once again confirmed that they make mistakes," he said.
"We spoke with the previous line-up of the European Commission, and all of its activities were aimed at curtailing the so-called long-term contracts. It was aimed at the transition to gas exchange trading. It turns out, and today it has become absolutely obvious, that this policy was wrong," Putin concluded.
(Excerpt) Read more at tass.com ...
The Russian president explained that such a policy did not take into account the peculiarities of the gas market due to a large number of uncertainties
Putin sounds dangerously like a Capitalist ... Elsewhere, Putin recommended (but did not order) that Gazprom fully honor all contracts with Ukraine.
I wonder if Russia will become capitalistic and we become socialistic.
Putin laughs all the way to the Bankz.
Can’t really fault him for sticking to contracts. The stupid Europeans have to deal with the consequences of their contracting choices.
What do you mean "will"?
>>The European Commission (EC) made a mistake when it curtailed long-term contracts and switched to gas trading on the stock exchange
Except that the EC’s policy was INTENDED to make buying gas prohibitively expensive to force everyone into “green” energy. From that perspective, their policy was successful.
But, but, that promotes the evil economic condition called "stability".
We can't have that.
Observant, aren’t you?
It seems like the Europeans were duped, like Americans by their fracking boom, that cheap money would always allow cheap energy to always be available.
Looking back at studies done over the last 20 years, the EU knew they would need more gas, especially given their “green” goals. They knew domestic production would drop. They also predicted correctly that imports would need to grow.
Yet major players and regulators moved away from long term “take or pay” contracts. I assume its because American fracking crashed gas prices for just long enough to convince them they didn’t need long-term contracts. I also assume there was a strong political component - do NOT sign long term deals with Russia.
Only now will the pendulum begin to swing back.
Remember the state of California and the gas company Enron?
Similar. Eerily similar.
Agree.
EC don’t need no stinkin’ nasty fossil-fuel contracts if they’re going to be ALL alternative energy next year...err...next decade...er...next...
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