The immediate crisis in Ukraine and attendant turmoil created by all Russian connections in energy markets is compelling a rapid reassessment of the resource mix and impacts on electricity systems. While the case of Europe is the most dramatic, the crisis is not without potentially major implications for North America. Policy making is adjusting in real time. European search for a substitute for Russian gas will inevitably lead to increased pressure for liquification and export of gas produced in the U.S. Might the increased supply of LNG to Europe finally signal the end of abundant low-cost gas in the U.S. and mean higher natural gas prices for the US power sector? LNG exports will be limited, at least in the short run by constraints in liquefaction capacity. How quickly can those constraints be reduced, and who will invest in more liquefaction given the uncertain duration of Russia’s exclusion from the market? What alternatives to natural gas are there to meet immediate demand? Will reliance on coal make a surprising comeback? What will happen to ambitious carbon reduction goals? Are hydrogen options readily available? Will nuclear be reexamined? What demand side measures can be rapidly deployed in sufficient and timely quantities? While many of the questions of alternative supply are more pressing for Europeans, whatever measure they undertake will inevitably impact the U.S. The implications of those measures will certainly have short term ramifications but may well have longer ones as well. To what extent will the crisis transform electricity policy and markets? Is everything suddenly different?

Panelists

Anatol Feygin, Executive Vice President and Chief Commercial Officer, Cheniere Energy

Meghan O'Sullivan, Jeanne Kirkpatrick Professor of the Practice of International Affairs and Director, Geopolitics of Energy Project, Harvard Kennedy School

Rich Sedano, President, Regulatory Assistance Project

Devin Hartman, Director, Energy and Environmental Policy, R Street Institute.

Moderator: Gordon van Welie, President and CEO, ISO New England