Wednesday 28 April 2010

Demand doubts cloud grand plans for gas


So much uncertainty hangs over the shape of Europe’s future energy sources that grand plans to transform the Mediterranean into a grid of gas pipelines with Italy as the hub risk languishing on the drawing board.

“After this financial crisis we are a bit in the fog,” admits Umberto Quadrino, the chief executive of Edison, a Milan-based utility and Europe’s oldest energy company.

ust two years ago, there was an air of panic over how Europe would cope with a huge deficit in gas forecast over the next decade. Demand was rising, domestic production was falling, old nuclear power plants were to be phased out and coal-fired power stations were seen as a threat to European Union targets to cut emissions.

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