As governments around the world rethink nuclear power, with fears rife about leaking radiation at Japan’s earthquake-damaged plants, Steen Jacobsen, chief investment officer at Saxo Bank, recommends investors focus on Russia to benefit from its energy potential.
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Residential homes sit in front of the coal fueled Ferrybridge power station as it generates electricity in Ferrybridge, United Kingdom.
“We have the Middle East and North Africastarting the higher pressure on energy. Then we have the Japanese putting atomic power … into play. And ultimately this means that there’ll be less supply,” Jacobsen told CNBC Thursday.
The shift away from nuclear energy combined with unrest in the Middle East would increase demand for other energy sources, he said.
“The reaction will be for people to start taking more natural gas from Russia,” he said.
Jacobsen downplayed concerns over an unfriendly investment climate and political interference in Russia, saying: “Everything is a political game.”