10:45 – 12:15
1. Impact of the Financial Crisis on the Energy Sector
The financial crisis has dealt a double blow to CEE economies. First, the amount of liquid capital available in the Western world has dropped dramatically. Commercial banks have started a deleveraging process, i.e. shrinking of their total assets, which is likely to last for a long time. Consequently, there will be less capital available for the CEE region, as well. Second, the crisis exposed the region’s vulnerabilities and showed it to be more risky than previously assumed. As a result, the inflow of foreign funds, which served as the basis of the region’s export-led growth model, dropped drastically, and it will not reach its pre-crisis levels any time soon.
This made funding, which was previously a non-issue, a key obstacle to energy investments. In fact, it is hard to see how the region could attract enough capital to finance its major energy projects. The panel addresses the issue of how the financial crisis affected and will affect investments planned in the energy sector in CEE.
10:45 – 12:15 in parallel
12:15 – 12:30 Coffee break
12:30 – 14:00
3. Skeletons in the Cupboard: Lessons Learned from the January 2009 Gas Crisis
While there was a lot of talk about the political side and implications of the January 2009 crisis, very little public discussion was devoted to the technological aspect. How did the January gas crisis affect the European gas market, the Baumgarten hub and the gas transmission networks? The panel aims at uncovering some light on the above issues.
12:30 – 14:00 in parallel
14:00 – 15:00 LUNCH
15:00 – 16:30
15:00 – 16:30 in parallel
16:30 – 16:45 Coffee break
16:45 – 18:15
7. The Role of Foreign Investment – How to Attract Energy Investments in CEE?
All of the countries of Central Eastern Europe are considering major investments in their energy sectors in the next years: pipelines, LNG terminals, nuclear reactors, interconnectors and so on. Additionally, there are some privatizations coming up most particularly in South Eastern Europe. The project addresses the issue of how countries of the region could attract foreign investment in their energy industry in the new financial and economic realities? Is this the time for major FDI in the energy sector in CEE? What incentives countries should create to attract foreign investment? What obstacles foreign companies face?
16:45 – 18:15 in parallel
8. Russian Energy Strategy and the New Economic Realities
The financial crisis hit Russia much more than expected. How did the crisis affect major Russian energy companies and planned investments? Will Nord Stream and South Stream go ahead? Do Russian energy companies have enough capital to invest in the Central European energy industry? How long it will take for Russia to recover from the crisis?
18: 25 – 18:55
Global Gas Report – presented by Thierry Bros, Senior Analyst, Utilities, Société Générale Cross Asset Research, France
