Montel Weekly
283 episodes - English - Latest episode: 17 days ago - ★★★★★ - 1 ratingMontel Weekly - market insights from people in the know. Montel Weekly is a podcast dedicated to energy news from markets in Europe and beyond. Every week we invite key industry experts to share insights and to discuss latest developments. Hosted by Richard Sverrisson. Produced by Bled Maliqi. Music by Laurence Walker and Ben Bower.
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Episodes
Whirlwind European tour
July 02, 2020 22:00 - 20 minutes - 14.3 MBFor this week's pod, Montel journalists review the key energy market developments in the first six months of the year, and provide an outlook for the remainder of 2020 and beyond. What will happen to prices, will demand recover and are markets prepared for a second wave? Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Olav Vilnes, Chief Editor Nordics, Montel, Chris Eales, Editor France, Montel, Andres Cala, Editor Iberia, Montel, Christian Driessen, Editor ...
Remaining vigilant
June 25, 2020 22:00 - 21 minutes - 14.6 MBEurope’s TSOs will remain vigilant over the months to come in order to keep the lights on and the power system secure amid unprecedented falls in demand as well as growing output from renewables. Listen to a discussion on digitalisation, accelerating the permitting process and the complicated but necessary task of incorporating decentralised, distributed energy. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel, Guest: Pascale Fonck, Vice Chair of the Board, Entso-E and Chi...
Don’t rock the boat, baby
June 18, 2020 22:00 - 21 minutes - 14.9 MBAll market participants should work together to ensure the electricity system works efficiently and stays afloat, says Auke Lont. This week’s pod discusses low prices, key interconnectors, bidding zones and the importance of maintaining transparent, liquid wholesale energy markets. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel, Guest: Auke Lont, CEO, Statnett.
End game for fossil fuels
June 11, 2020 22:00 - 24 minutes - 16.6 MBDirect prohibition of the use of fossil fuels will be necessary in order to meet the goals of the Paris climate agreement, says Rana Adib of REN 21. This week’s pod discusses how other sectors should emulate the “extraordinary success” of renewable electricity and how short term measures must accompany long term targets for green energy. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Rana Adib, Executive Director, REN 21.
Return to 2019 prices “years away”
June 04, 2020 22:00 - 22 minutes - 15.6 MBNordic wholesale power prices are unlikely to return to levels around EUR 40/MWh as delivered last year. This week’s episode welcomes back Marius Holm Rennesund with a discussion on the outlook for prices over the coming months and years, with prices expected to stay low with demand side measures and batteries assuming a greater role. Rennesund also provides his view of the future development for PPAs in the region. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: ...
It’s all about the wires
May 28, 2020 22:00 - 25 minutes - 17.3 MBThe recent EU recovery fund should help to propel the continent into a greener, cleaner post Covid-19 world. This week’s episode welcomes Susanne Nies who discusses the outlook for electricity demand in Europe, the importance of smart networks as well as insights in to the political bubble of Brussels. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel, Guest: Susanne Nies, Country Manager Germany, Smart Wires.
French nuclear crunch from September
May 21, 2020 22:00 - 28 minutes - 19.8 MBEDF sent shockwaves through Europe’s power and gas markets when it forecast a 20% drop in nuclear output this year due to the coronavirus pandemic crimping demand. The crisis also forced France’s biggest power utility to overhaul its reactor maintenance schedule. This week’s pod discusses “modulation” outages and a possible shortfall in supply from September. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Emeric de Vigan, CEO and Founder of Core-e, Chris Eales, ...
LNG must take the slack
May 14, 2020 22:00 - 18 minutes - 13.1 MBGlobal gas demand will remain subdued for the remainder of the year amid a continuing supply glut. With much of the continent’s piped gas continuing to flow in large volumes and storage facilities reaching full capacity, LNG will have to take the slack, says Carlos Torres Diaz of Rystad Energy. This week’s episode discusses the options open for LNG players and the outlook for the gas sector in the medium to long-term. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: ...
Don’t ignore negative prices
May 07, 2020 22:00 - 20 minutes - 14 MBThe Nordic region could see the return negative prices amid lingering oversupply, wet weather and delayed snowmelt over the coming weeks. Yet elsewhere in continental Europe will see far lower output from hydropower amid drier conditions. This week’s episode sees the return of Mr Hydrology, aka Eylert Ellefsen, who also discusses how soon we will return to pre-Covid power demand levels. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Eylert Ellefsen, Senior Analyst...
Nordic power may see swift recovery
April 29, 2020 22:00 - 22 minutes - 15.3 MBNordic power prices will recover faster than many people think, but a weak gas market will limit the upside. This week’s episode discusses the way in which the region’s wind power sector is ready to race ahead, and how working from home may see some traders actually thriving away from the social distractions of the office. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Fredrik Bodecker, CEO, Bodecker Partners.
Expect more volatility not carbon price crash
April 23, 2020 22:00 - 21 minutes - 14.9 MBPrices in the EU carbon market are set to remain highly volatile over the coming months, driven mostly by restrictive measures to halt the spread of Covid-19. Listen to a discussion on the outlook for prices, key fundamental factors and whether speculators will return this year. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Bernadett Papp, Senior Market Analyst, Vertis.
Never seen crazy like this before!
April 16, 2020 22:00 - 24 minutes - 17 MBThe oil market is getting messy, with producers struggling to cut in line with plunging demand and bulging inventories. This week’s episode discusses how we are no longer “masters of the universe” and how misplaced optimism may see oil prices remaining stagnant for the remainder of the year. At least. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Bjarne Schieldrop, Chief Analyst Commodities, SEB.
Never seen crazy like this before!
April 16, 2020 22:00 - 24 minutes - 17 MBThe oil market is getting messy, with producers struggling to cut in line with plunging demand and bulging inventories. This week’s episode discusses how we are no longer “masters of the universe” and how misplaced optimism may see oil prices remaining stagnant for the remainder of the year. At least. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Bjarne Schieldrop, Chief Analyst Commodities, SEB.
Legislating the green transition
April 07, 2020 22:00 - 17 minutes - 12.1 MBThe Covid-19 outbreak has ground the wheels of EU legislative processes to a halt, but later this year the bloc’s executive will table a flurry of fresh proposals. Listen to a discussion on the European Commission’s Green Deal, and whether the coronavirus will brake or accelerate the continent’s decarbonisation. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Øyvind Vessia, Head of European Affairs, Ørsted.
The bearish cherry
April 02, 2020 22:00 - 21 minutes - 14.8 MBAmid a backdrop of tumbling European wholesale gas prices, this week’s episode takes a look at the multiple bearish factors overwhelming the market. Find out what the “bearish” cherry is and listen to a discussion on where the price floor could be, and how and when prices could recover. For expert views and analysis of the impact of the coronavirus on energy market, please visit our daily extra at covid19.montelnews.com. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest...
Decarbonising with mini-reactors
March 26, 2020 23:00 - 19 minutes - 13.3 MBThis week’s episode takes a look at the Baltic market and plans to decarbonise the region by rolling out small modular reactors. Listen to a discussion on how small-scale nuclear could be commercially viable at much lower cost than current projects in France, Finland and the UK. For expert views and analysis of the impact of the coronavirus on energy market, please visit our daily extra at covid19.montelnews.com. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Kal...
Record low French nuclear output?
March 19, 2020 23:00 - 20 minutes - 14 MBAway from the drama and uncertainty surrounding the Covid-19 virus outbreak, we take a close look at France’s nuclear fleet and discuss how production this year could fall to multi-year lows. For expert views and analysis of the impact of the coronavirus on energy market, please visit covid19.montelnews.com. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Chris Eales, Editor France, Montel.
Going green with baseload PPAs
March 12, 2020 23:00 - 22 minutes - 15.8 MBPower purchase agreements (PPAs) continue to grow across Europe as renewables subsidies get phased out and companies look to reduce their carbon footprint. Listen to a discussion on the outlook for PPAs, and how in the Nordics firms are increasingly using them as hedging instruments, often signing “baseload” deals. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Kathrine Bakke of Afry, Olav Vilnes, Chief Editor Nordics, Montel.
The gas gambit
March 05, 2020 23:00 - 21 minutes - 14.5 MBGas is quickly becoming a global commodity, but the fuel has also become a pawn in a game of geopolitics between large gas producing countries. This week’s pod looks at the politics of gas as well as its fundamental drivers and competition, and the need to decarbonise the sector. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Karen Sund of Sund Energy.
On the road to climate neutrality
February 27, 2020 23:00 - 19 minutes - 13.6 MBAhead of the EC publication of its Climate Law next week, this week’s pod discusses the implications for Europe’s energy sector. Listen to a discussion on carbon border taxes, sector coupling, ETS reform and decarbonising gas. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Catherine Banet, Associate Professor in Energy Law, University of Oslo.
Trading green energy
February 20, 2020 23:00 - 21 minutes - 14.7 MBThe rapid growth of renewables over the coming years will increase the need for PPAs and related products. This week we discuss what the changes mean for an energy exchange – is the difference between peak and baseload still relevant? Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Peter Reitz, CEO European Energy Exchange.
Flexing it
February 13, 2020 23:00 - 23 minutes - 16.4 MBEurope is set to fully decarbonise its energy system by 2050, with a huge impact on the way electricity is produced and consumed. This week’s pod takes a peek into the brave new energy world, and discusses flexibility, aggregation and the future of trading. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Matthias Dilthey, General Manager DACH, Sonnen, Jan Aengenvoort, Head of Communications and Market Research, Next Kraftwerke, Richard Sarti, Director Marketi...
Montel Weekly Extra - Gas markets to get “messy”
February 13, 2020 23:00 - 13 minutes - 9.42 MBGlobal gas markets look set to remain historically weak with oversupply forecast to linger this year and into next. Europe in particular will get “messy”, according to Trevor Sikorski of Energy Aspects. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Trevor Sikorski, Head of Natural Gas, Oil and Carbon Research, Energy Aspects.
Gas glut to last until 2025?
February 06, 2020 23:00 - 19 minutes - 13.5 MBOversupply in the global gas market could persist until 2025, and the saturation spells bad news for coal plants everywhere. This week’s pod discusses the current dynamics in the LNG market and why, despite low prices, producers and exporters of gas show no sign of holding back. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Kjell Eikland, Managing Director, Eikland Energy.
German coal 1, Climate 0
January 30, 2020 23:00 - 24 minutes - 17 MBIn this week’s pod, energy expert Claudia Kemfert says Germany’s coal exit plans are a massive disappointment. Listen to a discussion on how the proposals will not end coal generation quickly enough and will come at a far too high cost, both for taxpayers and the climate. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Claudia Kemfert, Head of Department Energy, Transportation, Environment, DIW Berlin, Nora Kamprath Buli, Editor Germany, Montel.
Carbon set for green deal boost
January 23, 2020 23:00 - 22 minutes - 15.8 MBEuropean carbon prices will strengthen as the 27-nation bloc tightens its climate ambitions over the next 18 months. However, prepare for market volatility in the short term amid Brexit, low gas prices and uncertainty over Germany’s coal exit. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Tom Lord, Head of Trading and Risk Management, Redshaw Advisors, Alessandro Vitelli, Carbon Reporter.
Unprecedented hydro surge
January 16, 2020 23:00 - 19 minutes - 13.4 MBHydro levels in the Nordic region are at levels never seen before at this time of year, while southern parts of Europe have also been very wet. Listen to Mr Hydrology, aka Eylert Ellefsen, talk about the unusually high precipitation and the impact on wholesale power prices from Trondheim to Tarragona. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Eylert Ellefsen, senior analyst, EQ.
Show me the gas demand!
January 09, 2020 23:00 - 23 minutes - 16.2 MBEurope’s gas market looks set to remain oversupplied this year with prices likely to be close to record lows. In this week’s episode gas analyst Wayne Bryan questions where the demand will come from to absorb unrelenting flows of LNG and piped gas. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Wayne Bryan, gas analyst, Nathan Witkop, Germany correspondent, Montel.
Will grassroots movement hasten exit coal?
January 02, 2020 23:00 - 17 minutes - 12.2 MBGermany will not sign off legislation to exit coal until early this year, but a strong grassroots environmental movement could force politicians to exit the dirty fuel many years before the proposed 2038 date. Listen to a summary of current German energy policy and the potential for a capacity squeeze in 2022. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Tobias Federico, Managing Director, Energy Brainpool.
Review and outlook
December 19, 2019 23:00 - 25 minutes - 17.6 MBIn the last pod before Christmas, listen to the Montel team discussing the key issues of 2019, and the significant developments shaping Europe’s energy markets next year. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Olav Vilnes, Chief Editor Nordics, Montel, Nora Kamprath Buli, Editor Germany, Montel, Morten Hegna, Sales Director, Montel, Gert Ove Mollestad, Reporter, Montel. Produced by Anna Siwecka. Music by Laurence Walker.
2020: the year of record low gas prices?
December 12, 2019 23:00 - 30 minutes - 20.7 MBNext year looks set to deliver record low gas prices amid a perfect bearish storm of an ongoing supply glut, mild weather, record high storage levels and a possible agreement in the Ukraine-Russia transit deal. Listen to four analysts provide their 2019 highlights, and forecasts for next year. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Tor Reier Lilleholt, Head of Analysis, Wattsight, Marcus Ferdinand, Head of EU Power and Carbon Analytics, ICIS, Wayne Br...
2050 vision: solar, wind and …. ammonia
December 05, 2019 23:00 - 23 minutes - 16.1 MBWhat will happen in 2050 when Europe's power system will be close to 100% renewables? Listen to this week's pod as we turn the Green tea leaves towards a low-carbon world and discuss the potential for energy storage using hydrogen and … ammonia. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Gry Aamodt, Vice Preseident Global Drivers, Statkraft, Nora Kamprath Buli, Editor Germany, Montel.
Poland’s green transition, fact or fiction?
November 28, 2019 23:00 - 20 minutes - 13.8 MBThe dominance of coal in Poland’s energy mix will come to an end – the question is by when and what will replace the dirty fuel. This week’s pod discusses the options open to the country and which form of power generation will expand at the fastest rate. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Arek Zielezny, Managing Director, Laconia Investments, Marcin Czekanski, Poland Correspondent, Montel.
Corporates GO green
November 21, 2019 23:00 - 24 minutes - 16.7 MBCorporate demand for guarantees of origin (GOs) will remain strong next year as companies continue to boost their green credentials. However, supply from French auctions and from German facilities should continue to keep prices around 50 eurocents. Listen to expert views on what’s currently driving the GO market. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Alexandra Münzer, Managing Director, Greenfact, Olav Vilnes, Chief Editor Nordics, Montel.
Carbon bears join the picnic
November 14, 2019 23:00 - 24 minutes - 16.6 MBWhile currently trading around EUR 25/t, European carbon prices look set to be hit by several bearish factors next year, including a potential flood of UK permits, an economic slowdown and reduced demand as Germany starts its coal exit. Listen to the in-depth analysis of current and future CO market drivers. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Tom Lord, Head of Trading and Risk Management, Redshaw Advisors, Alessandro Vitelli, Carbon Reporter.
Will Spain´s PPA bubble burst?
November 07, 2019 23:00 - 20 minutes - 13.9 MBSpain´s PPA boom could be a bubble that could burst in the coming years. This week´s pod comes from Madrid, where we discuss the upcoming election and the impact on energy policy. Will the next government be able to push through the necessary legislation in order for Spain to meet its decarbonisation targets? Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Andrés Cala, Editor Spain, Montel, Pedro Linares, Professor of Energy Policy, Comillas Pontificial University.
Blown off course
October 31, 2019 23:00 - 24 minutes - 17.1 MBNorway could be heading for a slowdown, or even an abrupt halt, in wind power expansion amid growing opposition to onshore turbines. This week we discuss the growth in green capacity across the Nordics and the potential impact on wholesale prices in the region and beyond. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Olav Vilnes, Chief Editor, Nordics, Montel, Marius Holm Rennesund, Partner, Thema Consulting Group.
Fears of German yellow vests?
October 24, 2019 22:00 - 21 minutes - 14.5 MBCould Germany be holding back its climate ambitions due to fears of public unrest similar to the gilet jaunes movement in France? This week’s pod addresses such concerns with Germany’s leading green energy supplier, and how the EU’s biggest economy can hasten its energy transition. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Nils Kompe, Head of power portfolio management, LichtBlick.
Trump and trade wars
October 17, 2019 22:00 - 22 minutes - 15.5 MBAmid concerns of a global economic slowdown, this week’s pod discussed the energy market implications of the China-US trade war, Trump’s tweet and the latest Brexit developments. What are the key pointers to look for in an increasingly uncertain gloomy macro environment? Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Richard Mallinson, senior analyst, Energy Aspects.
Death by 1,000 cuts
October 10, 2019 22:00 - 22 minutes - 15.1 MBNews of fresh delays and cost overruns at France’s next generation reactor at Flamanville may not be a killer blow for the country’s nuclear industry but the sector could face death by a thousand cuts. This week´s pod discusses more woes for French and European reactors. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Paolo Coghe, Director, Acousmatics, Chris Eales, Editor France, Montel.
Navigating PPA complexity
October 03, 2019 22:00 - 31 minutes - 21.6 MBPPAs are a crucial way to finance new renewable energy as countries phase out subsidies and companies are looking to consume more green energy. This week´s pod discusses the current state of the PPA market and highlights ways to overcome regulatory barries and other risks. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Caroline Brun Ellefsen, Global Head, Instatrust, DNV GL, Mariana Heinrich, Manager, Climate and Energy, WBCSD.
To cancel or not to cancel EUAs
September 26, 2019 22:00 - 22 minutes - 15.2 MBContrary to expectations, potential German coal plant closures over the coming decade may not result in the cancellation of permits relative to their emissions. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Bernadett Papp, Senior Market Analyst, Vertis, Marcus Ferdinand, Head of EU Power and Carbon Analytics, Nora Kamprath Buli, Editor Germany, Montel.
Trading power with the neighbours
September 19, 2019 22:00 - 25 minutes - 17.4 MBImagine a world where you can trade power from your solar panel with others, linking households, neighbourhoods and regions through digital technology. Listen to a version of the future that is already happening in the Netherlands. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Philip Gladek, CEO, Spectral Energy.
Déjà vu: French nuclear concerns return
September 12, 2019 22:00 - 17 minutes - 11.8 MBThis week’s news of potential issues with steam generators at some of France’s nuclear reactors caused energy prices to skyrocket as market participants feared a return of problems seen in the autumn of 2016. Listen to the guests discuss the implications for France and its neighbours. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Kris Voorspools, Portfolio Manager, Anode Energie. Chris Eales, Editor France, Montel.
Carbon at EUR 45 by year end?
September 05, 2019 22:00 - 27 minutes - 18.8 MBEuropean carbon prices are set to rise to EUR 45/t by the end of this year, according to Berenberg Bank. Listen to analyst Lawson Steele explain his reasons in this week’s pod. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Lawson Steele, Senior Utility Analyst, Berenberg Bank.
Green shift for oil and gas majors?
August 29, 2019 22:00 - 24 minutes - 16.5 MBIn a bid to avoid turning into energy dinosaurs, European oil and gas majors are becoming increasingly active in the renewable sector. In this week’s pod Nordea analyst Thina Saltvedt discusses how these firms are investing in green energy in an attempt to diversify and decarbonise their business. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Thina Saltvedt, Senior Analyst, Nordea Bank. Nora Kamprath Buli, Editor Germany, Montel.
Is the switch to gas a flash in the pan?
August 22, 2019 22:00 - 21 minutes - 14.7 MBRecorded live at the Montel Nordic Energy Day, this week’s pod addresses key issues including the outlook for CO2 prices and developments in the Nordic region. Catch the opening snippets from the event, and then listen in to a deeper discussion about the main drivers in the carbon and Nordic power markets for the coming months. Will the switch to gas-fired generation be temporary, or more permanent? Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Ingvild Sørhus, Seni...
Gas to dominate with “new normal” EUR 30 for CO2
August 15, 2019 22:00 - 25 minutes - 17.6 MBGas is set to continue to push coal and lignite out of the power mix amid ample supply and carbon prices at a “new normal” level of EUR 30/t. Listen to the latest podcast and the discussion about the key drivers for Europe’s gas and power markets in the weeks and months ahead. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Wayne Bryan, senior energy and commodity analyst, Alfa Energy, Paolo Coghe, president, Acousmatics.
Get your umbrellas out
August 08, 2019 22:00 - 20 minutes - 13.9 MBThe Nordic region is set for a wet autumn if the weather forecasts are to be believed, and the front quarter contract has already fallen 15% since late July. As well as having umbrellas and raingear at the ready, the podders discuss other key issues market participants should keep an eye on in the coming months. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guests: Olav Vilnes, Chief Editor Nordics, Montel, Morten Hegna, Sales And Events Director, Montel.
BoJo bluff on no-deal Brexit?
August 01, 2019 22:00 - 15 minutes - 10.6 MBBoris Johnson’s “do or die” Brexit pledge means the UK could crash out of the EU without a deal on 31 October. A bluff or not, the energy sector now faces more uncertainty and could lose an important transition period to finalise trading details, says Antony Froggatt of Chatham House. Host: Richard Sverrisson, Editor-in-Chief Europe, Montel. Guest: Antony Froggatt, senior research fellow, Chatham House.