Refining Silver CSG January 2011, Duke University Renee Shuey, RL "Bob" Morgan, Tom Barton.
Tom Howes Refining Forum
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Transcript of Tom Howes Refining Forum
Tom Howes, DG EnergyEuropean Commission
Energy prices and the EU response
What was driving electricity prices 2008-2012?
Source: Eurostat. Includes taxes in the case of households; excludes VAT and other recoverable taxes in the case of industry but other industry exemptions are not included (not available) .
18.5%
30% 127%
36%7.5%
-3%17%
18%
2014 report …EU…
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EU electricity and gas prices compared with major trading partners
Electricity end-use prices for industry, 2012
Gas end-use prices for industry, 2012
Sources and notes: see p. 177 and 179 of SWD (2014) 20
..international..2014 report
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2014 June Energy Council: Member States requested follow-up report by 2016
Confirmed in Commission's 2015 Energy Union Strategy:Biennial reports
Initiative status: report to be adopted in 2Q 2016 • Discussions with Eurostat, Eurelectric, others on data issues (details,
quality, sources…) -> Commission (Eurostat) legislative proposal under discussion
• Ad hoc data gathering exercise with Member States• Sluggish economic growth/subdued demand; increased supplies (oil,
gas, LNG; lower commodity prices generally)
Update… ..since January 2014..
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1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 112008 2009 2010 2011 2012 2013 2014 2015
0
5
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GAS PRICES International wholesale gas prices: Convergence after
the storm
Henry Hub (US) NBP (UK) Japanese landed price
USD/mmbtu
Fukushima March2011
US gas revolution
International comparison of wholesale prices: EU versus US, Japan and Australia
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1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9
2010 2011 2012 2013 2014 2015
0 €/MWh
20 €/MWh
40 €/MWh
60 €/MWh
80 €/MWh
100 €/MWh
120 €/MWh
140 €/MWh
160 €/MWh
180 €/MWh
200 €/MWh
Japan Platts PEP US price Australia
ENERGY IMPORT BILL
72013 2014 2015
0
50
100
150
200
250
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350
400
450
404
358
264293
271
181
9574 71
16 14 12
(Estimated)
TotalOilGasCoal
billi
on E
uros
-11 %
-7 %
-23 %
-26 %
-33 %
-4 %
• 2nd report on energy prices & costs Study started in October 2015
+econometric analysis of drivers detail on price components Electricity, gas petroleum products included more detail on sectors and households; EU & international
coverage Other Commission work under way (esp. on energy intensive
industries, with further work by DGs CLIMA and GROW) Feedback from stakeholders: Industry Conference, contacts
with institutional actors (Jan/Feb/March) Final report of study (end of March) Commission internal work on documents April-May Adoption Summer 2016
NEXT STEPS
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NL DK DE ES IT PL
Reta
il pr
ice fo
r ele
ctric
ity [€
ct/k
Wh]
Other
Environmental taxesand excise taxSecurity of Supply
Energy efficiencysupportMarket Operation
System operation
Nuclear
Social Tariff
RES & CHP
Network Component
Energy Component0.00
5.00
10.00
15.00
20.00
25.00
NL DK DE ES IT PL
Reta
il pr
ice fo
r ele
ctric
ity [€
ct/k
Wh]
Other
Environmental taxes andexcise taxSecurity of Supply
Energy efficiency support
Market Operation
System operation
Nuclear
Social Tariff
RES & CHP
Network Component
Energy Component
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Sub-components
Different industry consumption bands
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Close up look at energy intensive industries