In the last 10 years, oil production in North America almost doubled and natural gas production increased by 50%. This growth is driven by unconventional oil and gas production, both in the US and in Canada. During the same period, total electricity generation remained stable, but the power sector’s energy mix changed significantly: 40% drop in coal, 50% reduction of oil, compensated by an increase of 60% in natural gas, 6% in hydropower and 250% in other renewable sources. All these changes in the US and Canadian energy markets have worldwide implications: lower oil and gas prices, boosting economic growth but making GHG reductions more difficult. We will analyze these trends and explore the challenges created by these developments, especially in light of the geopolitical constraints on European oil and gas supply.
The following topics will be covered:
- Oil markets in the US, Canada and Mexico
- Natural gas and LNG developments in North America
- Decarbonization of electricity markets: progresses but significant barriers
- The North American mosaic of carbon prices