The need for real energy security
E DII TO RII A L
Last week’s polar cold front that struck northern Europe left Britain, in particular, wondering where it went wrong with its national energy security policy, as its energy grid announced that for the first time in almost a year the country may not have enough gas to meet demand.
From a net exporter some 13 years ago, the UK has now become a net importer with demand close to outstripping supply.
These problems will continue to persist in many countries, especially those that are obliged to shut down their polluting coal-fired power stations or their risky and ageing nuclear plants.
The eastern Mediterranean, however, may soon be on the opposite end of the scale as countries such as Cyprus, Israel and Egypt, that have recently made discoveries of vast natural gas deposits in their offshore areas, will discover the value of this new tradeable commodity – electricity – produced by their power stations.
Egypt is definitely at the lead of the pack by deploying an ambitious power-generating policy that will see its electricity output capacity more than double in less than a decade through modern and efficient power stations.
With a significant part of world trade already using the recently widened Suez Canal to reach markets efficiently, the country is gradually building a steady strategy that will see it at the centre of all economic activity in the region. Already, it has concluded vast natural gas deals with neighbouring Israel, despite decades of political tension, while a number of agreements, including the supply of gas from Cyprus offshore zones will ensure that the two liquefaction plants in Egypt will very soon be working at full capacity.
It is clear who the future players of the game will be in the region, which is why all energy producing countries are also involved in efforts to secure peace, wither through mediation or direct military involvement.
Ensuring a steady flow of energy supply and security is in the interest of the European Union, that, fearing its over-reliance on Russia and unstable gas producer-suppliers, needs to diversify its energy mix to secure alternative sources and suppliers, such as Egypt, Cyprus and Israel, generated from natural gasfired power plants, as well as renewable sources of energy (solar, thermal, etc.)
In this context, it is clear that tiny Cyprus, too, can have a crucial role to play, either through better utilising its natural gas resources, or by transmitting electricity energy through the interconnector project. Thus, it is high time that the island’s regional foreign policy and alliances, as well as future strategy is in line with regional interests, by establishing permanent departments within key government offices that will monitor developments and advise the administration on the best interests of the country first and Europe second.