Europe’s recent energy shortages have laid bare the continent’s need for stable natural gas supplies as it decarbonizes its economy, according to the management team of Norway’s Equinor ASA.

CEO Anders Opedal helmed a conference call earlier this month with analysts to discuss the majority state-owned energy major’s fourth quarter and full-year 2021 earnings.

“The last two years have demonstrated the large price movements our sector is exposed to,” Opedal said. “And this winter, the energy realities in Europe have demonstrated the importance of stable and reliable deliveries of gas from Norway. Currently, we see low inventories, low spare capacity and too low energy investments over time.” 

He added, “This complexity in the energy markets adds to the...