Page 14 - ISQ July 2022

INVESTMENT STRATEGY QUARTERLY

Number of Public Charging Ports and Ratio of Charging

Ports to 100 km Land Area (EU-27 and the UK)
3
It is essential for Europe to support its transition to electric vehicles
with a massive build-out of public charging stations.

12,556 3,266

415
316 Ratio > 10
223
2,892
Ratio 2–10
1,006 61,406
32,396 Ratio < 2
799
8,152 44,464
959 1,020 Source: ECA based on EAFO (number of
623 charging points as of September 2020)
and Eurostat (land area).
7,771 988
45,246 440
2,141 757
586
187
13,077
7,952
183

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OIL OR GAS?
Between oil and gas, which is easier for Europe to displace? The
answer is oil, because it is inherently more fungible. That is to
say: oil can be transported by tanker from anywhere to anywhere In the long run, the only solution for Europe to reduce its
(well, other than landlocked countries). The UK and EU have oil imports is to use less oil, period. Europe cannot drill its
already imposed embargoes on Russian oil, set to take effect by way to energy independence.
year-end 2022. What will happen, in practical terms, is a
reshuffling of oil tanker routes. When Europe stops accepting oil
tanker shipments from Russia, most of those barrels will end up ship more of their production to Europe. Simply put, Europe is
going to countries that haven’t imposed sanctions, such as swapping one source of imports for another. Russia’s oil industry
China, India, and Turkey. Because these countries will buy more will take an economic hit, because the shrinking pool of
from Russia, they will buy commensurately less from OPEC prospective buyers means that Russian oil is being sold at
suppliers such as Saudi Arabia and Iran. The OPEC suppliers will widening discounts versus the global Brent benchmark. This

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