Clean energy transition not to blame for market volatility, says IEA

Reports suggesting that volatility in gas and electricity markets is the result of the clean energy transition are “misleading”, according to Fatih Birol, executive director at the International Energy Agency (IEA).In recent weeks and months, natural gas and electricity prices have reached record highs, most notably in Europe and some major Asian markets, causing potentially significant economic impacts, Birol wrote in a recent blog. These include major negative effects on power companies, other businesses and industrial sectors, and consumers, resulting in government interventions to limit the damage.However, claims are circulating blaming the clean energy transition for the problem. Birol said these assertions are “misleading, to say the least”.“This is not a renewables or a clean energy crisis; this is a natural gas market crisis,” he wrote. “It is important to work…

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