Europe

“Europe depends very heavily. It has for a long time, and that really hasn't changed on Russia for anywhere to a third to even 40% of its natural gas consumption.”

“If you had a complete Cut off in Russian gas exports to Europe. There's almost no way to make up for that. There's just not enough molecules. There's not enough natural gas around the world.”

“The answer is that we would cope only partially. Which is another way of saying we would not cope, or we would not cope satisfactorily. And just to be a bit more explicit, in some countries of Europe, and it's difficult to know exactly where, but, ah, the supp…”

“It now looks like the purchases of Russian gas will be cut by two-thirds this year alone, and probably be gone by Next summer, at latest, next autumn”

“There's a real serious consideration inside the Biden administration to use wartime powers to boost heat pump production and then to send those heat pumps over to Europe to for heating to reduce natural gas consumption.”

“When Europe gets in a bidding war with Asia for cargoes of LNG in the short run, that means that Japan and China and so on see the same price as in Europe. So they are equally incentivized to save oil, gas, gas-fired electricity.”

“And at the time that this heat dome was setting up over Europe, you also had one over Asia. You also had one over the United States. You had actually two over Asia, one in Eastern Asia and one in more Central Asia.”

“Everybody hopes that the lockdowns in China are over, and that China will pick up growing again, and then we are even in a worse situation this winter.”

“So all the renewables that we have been having that, that are presented as the solution in order to reduce natural gas are actually not enough to compensate the drop in In hydro and in nuclear.”

“And in the wartime, the economy is mobilized, and the decisions are made by the governments, not by the free market. So this is the case for Europe this winter, and there will be lots of very difficult and painful choices on which industries, which groups of c…”

“I assume that in two weeks the Flow via Nord Stream might be restarted, but at a very, very low volume. Not at the historical normal levels. And to, and they can be stopped at any moment, again, under the same pretext that turbines need to be maintained, just …”

“It was about, you know, half of the Russian LNG exports have come to Europe over the first half of the year, so actually the only country which has stopped importing LNG from Russia has been the United Kingdom, but we still have a lot going to Italy, to the Ne…”

“When you are considering where the Russian LNG exports are going right now, 75% is going to Unfriendly countries, whether this is European or Japan.”

“Right now, our LNG infrastructure in Europe, it's full. It's running at maximum capacity in Northwest Europe. It cannot come and absorb more LNG.”

“Who thinks that these people are going to invest into heavy infrastructure without any long-term certainty? I mean, this is madness.”

“The heat pump market has gone up 40%. The heat pump, people cannot install them fast enough because of the price of oil and gas over there.”

“We knew these disclosures and this regulation was coming, because we could see what was happening in Europe, and we could see that this pressure that was being placed globally on big investors to try to disclose this was gaining momentum in the U.S., even thou…”

“So I think the U.S. Government has done a pretty good job, but we're a little bit behind some of the other countries like Europe.”

“As Europe reduced its dependence on Russian fossil fuels, it saw its greenhouse gas emissions increase. As it shifted its energy sources.”

“Many projects are still going forward, but the European utility Vattenfall just shut down construction of one of the biggest wind farms in the region, Setting a 40% rise in costs.”

“In the last few months, three major projects in Europe and America have been delayed or canceled thanks to rapidly rising costs. Those projects make up more than 10% of current offshore wind capacity already installed in the EU and US.”

“If we let it go all the way that the LNG industry wants, Soon enough, American LNG exports will be producing more greenhouse gas emissions than everything that goes on in Europe.”

“And I would argue that in all three of those markets, you're seeing slowing growth because of grid capacity constraints.”

“Now, the geopolitics are different now than they were in the early days of solar, and China can't play that game again. At least not in Europe and in the US.”

“Eater is the largest construction project in all of Europe.”

“If you need lots of capex to produce a facility that's producing a commodity stream that is indistinguishable from the fossil fuel cousin, but is much more expensive and maybe a longer payback, those may rightfully need to go to Europe.”

“No, that's our plan. That's our plan. Nothing would make me happier. Yes, yes, that's I believe that we're positioning ourselves well in order to be able to do that and de-risking the things that we need to de-risk ahead of that.”