The energy crisis is not due to the Ukraine war but to a lack of investment, Equinor’s Executive Vice President for Marketing, Midstream, and Processing Irene Rummelhoff stated.
During the ONS conference in Stavanger (Offshore Northern Seas), Rummelhoff said that she believes “rhetoric” from politicians and other actors has contributed to the lack of investment, the newspaper Dagens Næringsliv writes.
“The underinvestment is primarily driven by low prices, during the pandemic and before that. But it has been reinforced, in a way, by rhetoric from politicians, investors, and other actors,” Rummelhoff pointed out.
Rummelhoff is one of Equinor’s top officials who are the closest to the European gas market.
“There is a big misunderstanding out there, and that is that the energy crisis was created by the war. It was not. The energy crisis was clearly present at least six or seven months before the war.
“And it is the result of underinvestment in energy, all kinds of energy for many years, and that is exactly what we are experiencing in Norway as well,” Rummelhoff said.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews
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