CLEAN ENERGY

Since the start of the year, wholesale gas prices in Europe have risen by 250 percent. The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. The current gas supply crunch in Europe once again showed the importance of diversification of gas supply routes and sources.

The Ministry of Energy of the Republic of Azerbaijan and bp today signed a Memorandum of Understanding to cooperate in assessing the potential and conditions required for large-scale decarbonized and integrated energy and mobility systems, including renewable energy projects in the regions and cities of Azerbaijan, Trend reports citing bp.