IEA Concerned About Europe's Fate

The International Energy Agency warns the Russian economy's high dependency on oil and gas could lead to high energy prices in Europe.
Europe is getting increasingly dependent on Russian gas, so believes IEA chief economist Fatih Birol said at a conference in Lyon earlier this week.
Since gas production in the North Sea declines, Europe will become more dependent on imports from neighboring Russia, holds 52 percent of the world's gas reserves.
According to him the solution is to phase out nuclear generation in the region and to ensure reliable energy supplies.
"There are three reasons: Nuclear diminishes dependence on sources like gas, nuclear is a source of energy that does not emit CO2, unlike gas, coal or oil, and its cost of capital will not increase in the future," he added.