Fatih Birol

We have been following the Ukrainian energy situation, especially when it comes to winter.

And I would say that this is perhaps the most difficult winter of the Ukrainian energy sector because it is already very, very vulnerable.

And we have seen that especially the electricity infrastructure and heating infrastructure is under huge strain.

And this will be the most challenging winter Ukraine has faced since the start of the war.

Exactly.

It can get much worse than we have seen in the last three years.

But of course, Ukraine allies are ready, hopefully, to support Ukraine, especially in terms of the electricity infrastructure.

It may somewhat, but I think the renewables are growing so strongly in Europe.

Just in the last three years, after we have seen the major energy crisis in Europe, renewables increased 40%.

We have never seen any country...

including Europe, the European region, such a big increase.

Plus, many European countries changed their position, as IEA has suggested, on nuclear power.

There is a comeback of nuclear.

And with the cheaper natural gas, I hope Europe will find a better mix, much more balanced mix now, good for the energy security.

And with the lower natural gas prices, good for the competitiveness of Europe.

I think the electricity security risks are there.

And the nerve center of all the electricity discussions here is the grids.

We don't have enough smart and modern grids.

The issue has been too much concentrated on building power plants, and we are okay with that.

But we don't have enough grids to bring this electricity and the power plants to the household, to the factories.