Gas looks to have the best growth prospects among fossil fuels, a bridging fuel for the energy transition with its low-carbon intensity on combustion.

Oil and gas companies have been poised to spend heavily on new supply to meet demand growth this decade. But the gas market has turned out to be a slow-motion car crash in 2020.

I asked Kristy Kramer, Head of Global Gas Market Research, why the market has unravelled and what the prospects are for recovery.

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The transition to a lower carbon economy has been long promised but the reality remains elusive. There is no doubt that the costs of renewables — led by solar and onshore wind — are now materially cheaper than they ever have been, having fallen respectively to the point at which the International Energy Agency in its latest short term outlook sees prices falling to between $20 and $50 per megawatt hour.

That means they can compete with other fuels, even if some of the costs of providing back up to cover the intermittency of renewable supplies are included.

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