Energy security goes to the top of G8 agenda

MOSCOW - Russia's drive to tackle global energy security produced ideas from nuclear power to clean fuels at a conference this week but agreement on one point only: We're all going to use a lot more energy in the future.

Russia called the conference as a prelude to the first meeting of G8 energy ministers in Moscow tomorrow, with "energy security" the key theme of President Vladimir Putin's chairmanship of the group of eight industrialised countries.

"Energy security means a stable system of legal, political and economic relations which enables an efficient world energy system and removes and compensates for negative factors and ensures reliable demand and stable supply," Russian Energy Minister Viktor Khristenko told the conference.

Khristenko cited International Energy Agency figures showing the world would need to invest US$17 trillion ($26.64 trillion) by 2030 to meet projected energy needs. New sources of "clean" energy would have to be developed and existing technology such as hydroelectricity and nuclear power used more efficiently.

Russia's reputation as a reliable energy supplier was blighted at the start of this year when gas monopoly Gazprom briefly cut off supplies to Europe during a pricing dispute with Ukraine.

The gas shock helped put nuclear power back on the agenda in Europe, despite opposition from green groups and a row over Iran's plans to use nuclear power.

Sergei Kiriyenko, head of Russia's Atomic Energy Agency, said the nuclear option was unavoidable. Oil company executives said easier access to projects in Russia to tap its huge potential would help fill the gap between demand and supply.

- REUTERS