A year later, how has the crisis in Ukraine affected global energy markets?

The Russian invasion of Ukraine began almost exactly one year ago. A group of NYU professors spoke about the war and its aftermath on February 23rd.

The day before the anniversary of Russia’s invasion of Ukraine, on Thursday, February 23, the New York University School of Professional Studies’ Center for Global Affairs hosted a six-person panel, which included NYU faculty and guest speakers, during which they discussed the radically changing situation. the state of renewable energy sources in the region and the UN resolution on ousting Russia from Ukraine.

Panelist Tatyana Serafin, assistant professor at Marymount Manhattan College and senior fellow at the US Global Engagement Initiative, discussed the 141-voted resolution that calls on Russia to withdraw its troops from Ukraine. Serafin said the resolution, passed hours before the event, could help end the war as soon as possible.

“Of course, Ukraine considers this important because they believe that this narrative that the Global South does not support Ukraine and that this is just a Western effort has been debunked,” Serafin said.

Brian Martin, Managing Director of DE Shaw & Co. and the founder of DESRI, who also participated in the discussion, spoke about the state of energy markets in the US before the war in Ukraine. He also touched on how the war had raised the price of natural gas in the United States and increased the demand for renewable energy.

Martin also noted the historical similarities between the state of the energy market during World War II and today, with the ongoing crisis in Ukraine. He explained that reduce US natural gas exports price leads to less renewable energy, while higher prices lead to more renewable energy.

“Honestly, over the past year, much to our surprise, the adjustment of prices in Ukraine, the change in the price of liquefied natural gas – this has had an indirect impact on the US,” Martin said. “Last year, we signed more electricity purchase agreements with utilities than in the last 20 years, and that’s because natural gas prices have soared.”

Vijay Waitheswaran, Global Energy and Climate Innovation Editor for The Economist and panelist, spoke about current and anticipated developments in global energy markets, especially in relation to carbon emissions and fossil fuels.

“If we don’t change our behavior or consumption patterns due to lack of investment in energy efficiency or adequate development of non-fossil fuel alternatives, then the future will not look so different from the past,” Whiteheswaren said.

Serafin also spoke about the difficult conditions in which the people of Ukraine continue to live, and shared her concern for her loved ones, who, as she fears, will experience a lack of food and resources.

“I have family in Ukraine and we wanted to get some money because we are so worried that they can’t get food,” Serafin said. “I was able to send money through Western Union. I had to wait a couple of hours, but isn’t that amazing? You might think that this is a country at war, but in fact we are also connected.”

Correction: A previous version of this article incorrectly stated that natural gas prices had risen as a result of the Russian invasion of Ukraine. The article has been updated to reflect the correction. WSN regrets the mistake.

Contact Nikki Mirala V [email protected]