In our 11th year of writing and publishing The Energy Regulation and Markets Review, the most pressing global concerns are inflation, supply chain concerns, the Ukraine war and continuing effects from the covid-19 pandemic. Accordingly, many of our contributing authors have emphasised concerns associated with the effects of these crises on infrastructure development, commodity purchases and energy demand. We have also seen industry and regional specific changes that have added uncertainties to global energy policies. For example, oil and gas prices have spiked sharply (offering a dramatic contrast to historically low prices just two years before). While pricing changes may be a boon for sellers and their exporting countries, that has created uncertainty for countries that are highly dependent upon oil and gas consumption and imports, particularly imports from Russia, which is now subject to certain embargoes following the initiation of trade sanctions earlier this year arising from Russia’s invasion of Ukraine. Additionally, the United Kingdom continues to experience uncertainties resulting from its transition out of the European Union (a process known as Brexit), particularly regarding the future of its energy policies to reduce greenhouse gases and its coordination and cooperation with the European Union. The Biden administration has continued to reassure US allies and historical trading partners that it remains committed to the 2015 Paris Agreement, notwithstanding the Trump administration’s previous withdrawal. And the memory of the 2011 Fukushima nuclear incident continues to affect energy policy in many countries. Finally, there are continued efforts to liberalise the energy sector globally.

Originally published by Law Business Research Ltd - May 2022.