Daily Management Review

A Long Term Energy Strategy Is Needed For Europe, Says Eni CEO


A Long Term Energy Strategy Is Needed For Europe, Says Eni CEO
The increasing prices of gas even as the winter is fast approaching in Europe is evidence that it is important for the European Union to develop a strategy for energy security for the long term, according to the president of Italy's Eni, La Repubblica.
Almost all of the natural gas as well as the oil used in Europe is imported, Claudio Descalzi pointed out which makes the continent fundamentally dependent on foreign sources of energy.
"Europe needs to have what it hasn't got today, a structured and long-term energy security plan," Descalzi said in an interview published on Saturday.
"I don't think there will be problems with gas procurement, but it will cost more," he said regarding this winter.
Strategic gas supply contracts for the long term with a number of countries that produce gas, including with Russia, have been struck by Eni.
Continually increasing prices for power and gas have resulted in households throughout Europe are facing much higher bills for energy, and at the same time, a warning that fuel poverty could be faced by the most vulnerable households was issued by consumer groups in the region.
The European Commission has been eagerly urged by Spain to develop guidance for helping out European Union member countries to be able to consistently react to increases in prices of power and energy without risking breaking the rules of the bloc.
Earlier this week, Italy's Prime Minister Mario Draghi also said that it was important for the EU to take actions to quickly diversify the energy supplies while also strengthening the bargaining power of the countries purchasing such gas or oil so that the power and gas price rise could be brought down.