INTERVIEW: Economic Transition & Implications for the Energy Mix
INTERVIEW with Zacharias Michas
Yannis Bassias is an energy analyst and former Chief Executive of the Hellenic Hydrocarbon Management Company (EDEU / now EDUEEP). As expected, the discussion proved highly interesting. With his help, DP sought to delve deeper into the discussion and understand the issues addressed in the book, with the aim of moving beyond the usual superficial treatment of these matters, given the already extremely fraught current climate…
What is the central analytical framework on which this new work is based?
YANNIS BASSIAS: The backbone of the English edition rests on the concept of the inflexibility of contemporary economic and energy systems. These systems no longer function linearly, nor do they return to their previous state of equilibrium following a crisis. Every disruption, be it a geopolitical shock or sharp price fluctuations, leaves a lasting mark, creating a new situation. This is why a significant part of the book is devoted to the chapter on geopolitics.
This is also important for DP readers to gain a better understanding of the issue. But what are the entirely new elements that have been added to this international edition compared with the original Greek version?
YANNIS BASSIAS: The new English edition has been radically revised and expanded to incorporate the rapid developments of recent years. It includes new data on the natural variability of the climate and anthropogenic influences. These are updated scientific findings and natural phenomena. It also explains why energy policy must be based on physics, energy density and realistic technological timelines, rather than theoretical models.
New chapters have been added on technological developments and the regulatory framework, covering in detail the economics of carbon capture, utilisation and storage (CCUS), the importance of methane pyrolysis, the future of hard carbon and ammonia, hydrogen electrolysis, nuclear energy and the challenges of energy storage. Let’s not forget that before 2024, apart from subsidised carbon capture and water electrolysis, the rest were considered heretical by political circles!
Very interesting. But tell us a little more about your geopolitical approach in the book.
YANNIS BASSIAS: Certainly. It is significant that the geopolitical framework is broadened in this edition. It analyses the fragmentation of markets, the emergence of regional economic blocs (e.g. the expansion of the BRICS), Europe’s strategic exposure and the particular significance of the Eastern Mediterranean. Back in 2025, I spoke about the US–Russia–Europe and Russia–China–India triangles that are likely to dominate the geopolitical scene over the next decade. There is a detailed analysis of these issues.
As for the markets, the report includes recent empirical data on sharp market fluctuations, illustrating how different regions are striving to strike a balance between economic pressures and decarbonisation targets.
DP has covered your interventions throughout 2026, which included key issues such as the agreements in the Arctic, the successive crises in globally critical maritime straits – particularly the Strait of Hormuz – Venezuela’s energy potential, technological changes in the Gulf states and Iran, as well as the major trade routes that are under threat. Can you link these developments to the book, given that they coincided with its writing?
YANNIS BASSIAS: My media appearances in 2026 served as a live – that is, ‘real-time’ – confirmation of the methodology developed in the book. Whilst the manuscript was undergoing final editing, current events served to validate the analyses. Let me explain this a little:
The multiple crises at the chokepoints of various straits have demonstrated in practice just how fragile global trade routes are and how directly they affect the international energy mix.
The Arctic agreements and the reassessment of Venezuela’s enormous potential highlight how the global map of reserves is being redrawn.
Technological and structural changes in the countries of the Middle East confirm that traditional producers are evolving rapidly, incorporating new technologies to maintain their geopolitical power.
All these events were not isolated incidents, but an integral part of the economic and geopolitical transition described in the pages of this book. And that is how they were treated.
Let’s also turn briefly to a crucial issue on which we believe there is a lack of rational and impartial debate in Greece: the ‘green transition’. In the book, you criticise the way it is being promoted. Are there any physical and technological ‘truths’ that you analyse?
YANNIS BASSIAS: That’s a very good question. The book emphasises that the transition is primarily an economic one and is governed by the laws of physics! Let me give you three examples:
Grid constraints & curtailments: The phenomenon of zero or negative electricity prices due to overproduction from renewable energy sources (RES) when there is insufficient storage is analysed. This causes serious damage to small and medium-sized investors worldwide and does not result in lower bills for the end consumer.
The Difference Between Hydrocarbons and Electricity: Hydrocarbons can be stored easily and on a massive scale, whilst the large-scale storage of electricity remains technologically and economically limited.
Technological Dependencies: As already highlighted in the Greek edition of April 2024, the West is heavily dependent on specific supply chains (e.g. on China for photovoltaics, electric vehicles and electrolysis catalysts). Today, energy needs are expanding across Asia and around the globe to meet the demands of data centres, whilst there is a need to scale up the production of weapon systems in Europe, which appears ‘weary’ of the practical outcomes of pursuing the ‘green vision’.
May I ask you something that has occurred to me in light of the above: given the book’s rich content, what are the prospects for the English edition gaining a foothold in the international market? Because, as you know, the Greek edition has… its own peculiarities!
YANNIS BASSIAS: I hope the prospects are strong, because the book offers a non-ideological, data-driven analysis. It is aimed directly at risk analysts, policy-makers, investors and academics seeking practical tools rather than slogans. It bridges the gap between theoretical pronouncements and the harsh macroeconomic and geopolitical reality.
As this is a specialised text in a market dominated by major international academic publishers, its success depends on its targeted institutional promotion to think tanks, energy forums and university departments of energy economics.
Mr Basias, thank you very much for the fascinating discussion. ‘Good luck’ – as they say – with the book!
YANNIS BASSIAS: Thank you.
DefencePoint / International - Energy & Economy, Thursday, September 17, 2026.
https://www.defence-point.gr/synenteyxi-oikonomiki-metavasi-amp-epiptoseis-sto-energeiako-meigma