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Alfred Sorenson on Uniper Sales Agreement

Blog posts reflect the views of their authors.
Danielle Smith interviewing Alfred Sorenson
2:37 DS  We think of Germany and their relationship with Russia. How did you manage to negotiate that [contract for the entire production of Goldboro Train 1]?
AS: When we first approached them almost 5 years ago now, Germany was already in the mindset that they needed to diversify their risk away from Russia. At that time the Obama administration was very opposed to the export of energy, and so Canada became a natural place for them to look for natural gas. And we had some personal relationships at the senior level of Uniper, so we were able to get in at a very high level and talk about how Canada could be a very reliable supplier of natural gas to the European Union.
3:30 DS: Tell us how the conversation is taking place in Germany. Because another thing I think of when we hear about Germany is that they are such a leader in renewable energy. There is the impression that Germany is phasing off of fossil fuels faster than any other industrialised economy, But they obviously see that natural gas is part of the mix. And so how does that fit into their environmental message?
AS: Well I think Germany has a dual economy in that regard. It is a very large industrial manufacturer, and natural gas is primarily used in Germany for industrial purposes and for home heating. And so those two uses are probably never going to be completely replaced by renewables. And the third thing is that natural gas is becoming the electrical backstop for when the sun isnt shining and the wind isnt blowing, that any economy still needs. And that is really the three key parts that natural gas plays in their economy. When you look at our contract we have with Germany, our contract is not really about growth in energy consumption in Germany. Its about replacing indigenous gas supplies. Today about 35 to 40% of all natural gas consumed in Germany comes from the North Sea from with Germany, or from the Netherlands. And that is all coming into decline. So our gas contract with them is based on replacing existing demand that is not going to be replaced by renewables.
Segment ends at 5:05


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