“Energy Intelligence does not believe the crisis will derail decarbonization. Rather, energy security challenges will underscore the transition’s untidy trajectory (uneven pace, regional differences),” the outlook noted.
Energy security became a leading topic among decision-makers last year.Energy Intel: European oil majors to continue to succumb to pressure on decarbonization spending.The Energy Intelligence 2023 outlook report sheds light on a very important sentiment that will guide the market this year: It’s not the energy transition or even the affordability of energy that is on the top of everyone’s mind. It’s the security of supply that trumps everything.
Over 60% of industry figures surveyed by Energy Intel said security of supply topped their agendas, while fewer than 30% chose affordability and only around 10% chose decarbonization. The report cites some 70 million tons per year of LNG ventures set for FDIs this year, which will help with energy security in the long term, but do little to assuage tightness in the short-term. A new supply wave is expected around 2025 or 2026 to help counteract that tightness with another 150 million tons under construction, but until then, supply will be an issue. Energy Intel is also concerned about the 70 million tons per year that could reach a final investment decision this year.
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