The transformation of global energy markets
Solanko, Laura; Vilmi, Lauri (26.02.2013)
JulkaisusarjaBank of Finland. Bulletin
JulkaisijaBank of Finland
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-201408074580
Two major shifts in global energy markets have occurred over the past ten years. First, emerging economies now drive growth in global energy consumption and use more than half of all energy produced globally. The growth emphasis has clearly shifted to emerging economies. Second, traditional energy markets have been challenged by the arrival of unconventional hydrocarbons and plentiful liquefied natural gas. Renewable energy sources continue to meet an increasing share of consumption, yet even a few decades from now they will account for less than 20% of overall production. At the same time, access to unconventional oil and gas deposits has driven down production costs, especially in the United States and Canada. This has led to a dramatic drop in natural gas prices in North America even as energy prices have remained high in Europe.
ISSN-L 0784-6509 (print) ISSN 1456-5870 (online). Ilmestyi nimellä Bank of Finland. Monthly Bulletin 1921-1987 ja vol. 51 no. 1 vuosi 1977 aloitettiin ISSN-numeron 0005-5174 käyttö lehdessä. Vuodesta 1999 alkaen alettiin käyttää toistakin, elektroniselle omaa, nykyistä ISSN-numeroa ISSN 1456-5870 (online).Bank of Finland Bulletin is published five times a year and targeted, in general, at foreign experts. It aims to disseminate information on current issues relating to the Finnish economy. Monetary policy and the global economy issues in March and September focus on the current economic situation and the financial markets while the Economic outlook issues in June and December present the Bank of Finland's macroeconomic forecast for Finland. The Financial stability issue on the stability of the Finnish financial market is published once a year. Most of the articles of the Bank of Finland Bulletin are also published in Finnish in the Bank's Euro & talous publication.