2024 TMJC H2 Econs Prelims P1 QP

_________________________________________________________________________ H2 ECONOMICS 9570/01 Paper 1 9 September 2024 2 hours 30 minutes Additional materials Two Answer Booklets _________________________________________________________________________ READ THESE INSTRUCTIONS FIRST Write your name and Civics Group on all the work you hand in. Write in dark blue or black pen on both sides of the paper. You may use an HB pencil for any diagrams, graphs or rough working. Do not use staples, paper clips, glue or correction fluid. Answer all questions. The number of marks is given in brackets [ ] at the end of each question or part question. Begin each Case Study Question on a new answer booklet. Submit Question 1 and Question 2 separately. _________________________________________________________________________________ This document consists of 8 printed pages. TAMPINES MERIDIAN JUNIOR COLLEGE JC2 PRELIMINARY EXAMINATION

2 Tampines Meridian Junior College 2024 JC2 Prelim H2 Economics 9570 Paper 1 Answer all questions. Question 1: The changing landscape of European Energy Market Extract 1: European Liquefied Natural Gas (LNG) prices reach five-month high Liquefied natural gas (LNG) is natural gas, predominantly methane, converted into liquid form for ease of storage or transport. LNG is increasingly used as an alternative fuel for ships and lorries. Ensuring that all EU countries have access to LNG markets is a key objective of improving EU energy security in the short -term, while more sustainable solutions towards full decarbonisation by 2050 are established. European LNG prices rose to a five-month high due to ongoing geopolitical risk factors and tightness in European LNG supply. Heightened geopolitical tension, especially with the ongoing war in Ukraine and disruption of shipping on the Red Sea, has adversely affected LNG supply. The EU’s 14th package of sanctions against Russia includes measures which target LNG specifically. The EU prohibits all future investments in Russia. Moreover, heat waves in Europe have sparked stronger seasonal demand due to increas ed power demand, as the use of air conditioning climbs. Although EU plans to steadily increase its LNG import capacities by developing new LNG port terminals to combat supply interruptions from the remaining Russian pipeline imports, bottlenecks and infrastructural limitations still exist in some regions. Source: various sources Extract 2: Energy companies in Europe, Repsol and EDF Renewables , to join forces for Iberian offshore wind Spanish oil company Repsol and French power giant EDF Renewables have reached an exclusivity agreement to join forces in anticipation of future bids for offshore wind projects in Spain and Portugal. This collaboration is driven by the significant growth opportunities offered by the Iberian Peninsula, located in southwestern Europe and primarily