Dr. Fatih Birol expresses concern that rising gas and electricity prices in Europe, exacerbated by global competition for spot LNG, may create fertile ground for extreme political movements to exploit ahead of important elections.
IEA Executive Director Fatih Birol quantifies the current energy crisis, stating that the loss of supply is greater than the 1973 oil crisis, the 1979 oil crisis, and the 2022 Russian gas crisis put together, making it an unprecedented global security threat.
Drawing parallels to the 1970s oil shocks which spurred nuclear power and fuel efficiency, the IEA head predicts the current crisis will not only boost renewables but also drive a strong comeback for nuclear and, counterintuitively, a resurgence of coal in Asia due to high gas prices.