Key Takeaways from CERAWeek 2023
President and CEO Toby Z. Rice Shares His Thoughts on the Energy Industry’s Biggest Annual Conference
EQT recently took center stage at CERAWeek 2023, the energy industry’s premier annual conference that brings together global leaders to advance new ideas, insights and solutions to the biggest challenges facing the future of energy, the environment, and climate.
This was EQT’s second appearance at CERAWeek, and what a difference a year has made. I wanted to share three of my key takeaways from the event.
- Energy Security Matters. In 2022, we learned what happens when we undervalue energy security. The weaponization of energy by Russia highlighted Europe’s failure to value energy security, resulting in severe electricity costs, restricted energy use, the loss of full industries and backtracking on climate goals. And in the face of this energy insecurity, Europe turned to U.S. natural gas.
- The Narrative Has Changed. The world adopted an “all of the above” response to the global energy crisis of 2022. There’s now a broad understanding of the need for energy security while pursuing steps to address climate change and affordability. In short, without energy security, you cannot make any progress toward an energy transition. This understanding has resulted in a clear distinction between clean natural gas and other fossil fuels. As we move from an “all of the above” to a “best of the above” approach, American natural gas in particular will shine.
- Permitting Reform is Critical. The biggest impediment we face in America as it relates to energy security, inflation and achieving our climate goals is the blocking of energy infrastructure construction. This is a concept that is increasingly understood by all parts of the energy industry, manufacturers and politicians. I am hopeful that we will soon see the types of permitting reform that are critical to allow us to build the energy future, not block it.
After meeting with an array of leaders from around the globe, I am invigorated by the possibilities that lie ahead. In fact, I’ve never been more excited for the natural gas industry and the opportunity that we have to provide cheaper, more reliable, cleaner energy to a world in such desperate need.
Toby Z. Rice
EQT President and CEO
