Ed Crooks, US Industry and Energy Editor, Financial Times

Are we entering a new ‘golden age of coal’ in Europe? As the US moves to take advantage of its bountiful supply of shale, it is exporting its cheaper coal to Europe where the fuel is squeezing out gas, and undermining Europe’s efforts to maintain its leadership position in the global battle to lower emissions. The economics of gas powered generation, meanwhile, are challenged by the increasing penetration of renewables.

• Is the revival of coal a temporary blip, or a sign of a long-term structural change? 
• Will legislation on emissions and the closure of coal capacity ultimately curtail the use of coal, or will high gas prices continue to prevail, undermining the economic case for gas in Europe? 
• How vital is the establishment of a price for carbon to ensure a fair substitution of coal by gas? 
• What is the future of gas powered generation in Europe?

Dick Benschop, President Director, Shell Netherlands, Vice President, Gas Market Development, Shell
Tom Brookes, Managing Director, Energy Strategy Center, European Climate Foundation
Brian Ricketts, Secretary-General, EURACOAL aisbl (European Association for Coal and Lignite)
Eldar Sætre, Executive Vice President, Marketing, Processing and Renewable Energy, Statoil
Elisabeth Tørstad, CEO, DNV GL-Oil & Gas

Moderator: Ed Crooks, US Industry and Energy Editor, Financial Times

Finding ways to reduce Russia’s hold on European energy markets, where it remains the dominant supplier, has been a cornerstone of Europe’s energy policy in recent years. The building of LNG import capacity, the development of shale and the liberalisation of energy markets in Europe might go someway to reducing Russia’s hold, but  the costs and uncertainty of these develolemnts,along with growing demand could mean that Russia’s role is unlikely to to be reduced in the year ahead. What does the future hold for Russian exports to Europe?

Hon. Rokas Masiulis, Minister of Energy, Republic of Lithuania
Alan Riley, Professor of Law, The City Law School
Yuri Shafranik, Chairman of the Board of the Union of Oil and Gas Producers of Russia

Moderator: Alan Livsey, Lex Writer, Financial Times

The recent successful drilling a second shale well in Poland, the go-ahead of shale exploitation in the UK as well as the recent decision by the EU to reject mandatory regulation has given a boost to the nascent shale energy industry in Europe, and to hopes that the proposed benefits for the continent in terms of lower gas prices, enhanced bargaining power with Russia and improved energy security will be realised. However doubts about the potential of shale in Europe remain: 

• Is the development and exploitation of shale gas economically and environmentally feasible in Europe? 
• Could it be a game changer in terms of energy security? 
• What is the potential to lower gas prices given the likely high costs of development? 
• Has Europe already missed the boat in terms of shale with the potential of cheaper US LNG imports lowering the incentive for indigenous development? 

In its bid to enhance energy security, much hope in Europe is invested in the potential of LNG to meet any future supply gap. Europe is already supplied by Qatar on long- term contracts, and new supply from projects planned on underway in the US, Canada, Australia and East Africa could significantly increase the supply, it is hoped, of cheaper gas to the continent. Yet a host of financial, political and operational challenges besetting theses international project are raising questions about whether the expected growth in supply will materialise-with important consequences for the European market. 

• How much LNG will be available to Europe, and at what price? 
• Will LNG exports from the US to Europe become a reality? 
• What emphasis should Europe place on LNG as a diversification strategy given the high expected costs? 

Natural gas discoveries in the offshore regions of the Eastern Mediterranean counties have the potential to become an important new source of supply for Europe However, a number of issues including armed conflict, territorial disputes and economic uncertainties could limit the viability of these supplies. And the higher costs associated with transporting gas to Europe, the availability of existing infrastructure to supply local markets, as well as the higher prices for gas in Asia also imply that Europe will not necessarily be the main beneficiary of any new gas supplies. 

• What is the reserve potential of the region and what role can it play in enhancing Europe’s energy security? 
• How does the presence of Russia as an investor change the dynamics and nature of the opportunity in the region?