This week, the world’s leading energy producer is laying down the gauntlet, challenging European leaders to get real about what reliable and secure energy looks like, and refusing to indulge in what they believe to be net-zero fantasies that are both out of touch and out of time.
US President Donald Trump is putting his energy dominance agenda into action, sending not one but two cabinet secretaries to an international gas conference in Milan.
More than a staging ground for energy deals and dialogue, Gastech has taken on added urgency since the start of Russia’s war in Ukraine. By sending a US delegation led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright – co-chairs of the White House Energy Dominance Council – America is making a statement.
That’s because three and a half years after the Kremlin’s invasion of Ukraine, Europe has yet to wean itself off Russia’s greatest natural resource: gas. This week, the Americans are expected to announce plans that could see US LNG ultimately lead to the liberation of Europe, at least as far as energy is concerned.
While Russia has more natural gas reserves than any other country on Earth, the war in Eastern Europe put its ability to monetise them at risk. Now, with America following through with a 50 per cent tariff hike on India, aimed at cracking down on the country’s ongoing import of Russian oil, another lifeline to Moscow’s war machine is likely to fray. Finally, it seems, the West is getting serious about putting Russia out of business.
To be clear, though, this is not just about landing a punch on the Russians. This is about wielding energy diplomacy as strategic statecraft. The US is extending its arms to Europe, promising secure partnerships that can stabilise its energy system.
The decision to rely almost exclusively on one country – Russia – for power while doggedly subsidising renewables as a safety net left Europe prey to price shocks, industrial failures and household bills among the highest in the world.
Germany’s households pay an average of €0.38 ($0.44) for every kilowatt hour, fifth highest in the world. In absolute terms, German electricity costs – €39.43 for every 100 kWh – are the steepest in the EU, followed closely by Denmark and Ireland. Germany’s prices at €416 for every megawatt hour is a staggering 70 per cent above the EU average of €246.
Italy, host of this year’s Gastech, has not fared much better: wholesale prices last year averaged about €100 for every MWh, double that of Spain’s and far above Germany’s. These numbers explain why energy has become both an economic and political pressure point across the continent.
And while the EU’s renewable rollout has been far from negligible, its successes have not erased the hard lesson: clean power alone cannot guarantee security. Without diverse and dependable supply, the system remains vulnerable to shocks. Now, after more than a decade of self-sabotaging energy choices, Europe finds itself the perfect customer.
Surging demand from European purchasers has already driven US LNG export volumes to an increase of more than 20 per cent year-on-year for 2025. As of August, total US LNG exports year-to-date rose by 22 per cent, reaching approximately 83 billion cubic metres for the first seven months. Liquefaction projects now under construction are poised to raise US export capacity by more than 70 million metric tonnes a year by 2030. Clearly, the US has both the will and the capacity to remain the continent’s energy lifeline.
Europe cannot afford another decade of lopsided bets (Russia) and half-measures (intermittent renewables). What it needs is balance: accelerated investment in clean power, paired with reliable gas and nuclear inputs to underpin system stability. That balance is precisely what suppliers arriving in Milan will be offering.
UAE currency: the story behind the money in your pockets
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
