Governance

The governance structure of the IEF is laid out in the International Energy Forum Charter.

The IEF Executive Board is the governing body of the Forum. It is comprised of designated representatives of Ministers responsible for energy matters from thirty-one (31) Members of the Forum.

The Secretariat is the administrative organ of the Forum. It plans, organizes and executes activities included in the biennial Programme of Work, takes part in the preparation for the Ministerial Meetings, and performs any additional activities assigned to it by the Executive Board.

The Secretariat is headed and managed by the Secretary-General. The Secretary-General serves as the chief executive of the Forum and is afforded the independence and authority necessary to conduct the affairs of the Forum in furtherance of its objectives and functions, as provided in the Charter. The Secretary-General in the performance of his or her duties is accountable to the Executive Board.

Dialogue Insights

Gas is far from being just a bridging fuel. Gas is here to stay.

An integrated global gas market is not likely in the near term.

The three main gas regions (North America, Europe, & Asia) will keep their own fundamentals for some time.

The regionalisation of gas markets does not imply lower interdependence.

In the US, cheap gas displaced coal but in Europe cheap US coal has displaced gas.

The energy mix in one region depends on the energy mix in another.

In North America, UK, & increasingly Europe, gas trading at hubs provides liquid & transparent pricing data.

In the US, deregulation & financialisation of the gas market helped establish a price based on fundamentals.

The logic for establishing an Asian gas-pricing hub is questionable as the number of buyers & sellers is small.

Demand for natural gas in the coming decades is projected to come mainly from non-OECD countries.

Prospects for natural gas consumption are still tied to its applications as much as to its relative price.

Gas usage depends heavily on an anchor technology, such as electricity generation.

Markets remain interconnected and interdependent, despite the recent "re-regionalisation" of gas markets.

More dialogue is required to analyse possible changes to the structure of gas contracts.

Long-term contracts help ensure security of supply & demand, but there is room to incorporate market signals.

Policymakers must balance short-term mandates with long-term goals for the nations they represent.

Most stakeholders and market actors do not grasp the degree to which renewables need gas as a backup.

Industry and government should work together to address "herd mentalities" regarding entering new markets.

Future gas demand levels for transportation remain a "known unknown".