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EU must reform Emissions Trading Scheme to boost gas industry

The European Union (EU) must reform the Emissions Trading Scheme (ETS) to boost natural gas demand and push coal out of the continent's energy mix, industry leaders say

Massimo Di Odoardo, a European gas analyst at Wood Mackenzie consultancy, tells Petroleum Economist that increasing the price of carbon in Europe is the only way to boost the continent's gas demand and support the industry. "The reality is that for gas demand in Europe to recover the only thing that can save the day is a (higher) carbon price," Di Odoardo says. "Even if gas prices go to $9 per million British thermal units (Btu), with current (low) coal prices gas will not be competitive at all. The only way that demand can recover is if Europe gets serious about the carbon price and this can create a shift back from coal use." Di Odoardo said Europe would need a carbon price of around $40-

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