Final Word from Wednesday, November 30, 2022

When Czech PM Petr Fiala speaks of achieving "energy sovereignty" as soon as possible, as he did in his extraordinary energy speech on Sept. 18, what he apparently means is a sort of shared energy sovereignty on the EU level. This is how French Pres. Emmanuel Macron used the term in HN on Oct. 7: "Europe must be decarbonized and sovereign, i.e. produce electricity on its own territory. So we need renewable sources and nuclear. We'll import some fossil fuels, but it should be as little as possible." The emerging reality is that the Czech EU presidency under Fiala has overseen a sharp increase in dependence on Russian LNG, even as the CR has boasted about reducing reliance on Russian fossil fuels. The Financial Times reported on its front page yesterday that Russian LNG imports rose y/y by 40% in Jan.-Oct. As the FT noted, this increases the EU's exposure to the weaponization of energy by Vladimir Putin. It could end up being the biggest legacy of the Czech EU presidency. [ Czech Republic liquified natural gas France weaponize ]