Europe to go through energy crisis this winter

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Europe to go through energy crisis this winter

05-10-2021 22:21

Europe to go through energy crisis this winter

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Europe to go through energy crisis this winter

European Commissioner for Internal Market Thierry Breton believes Europe has been hit by the energy crisis that is likely to last until the end of winter 2021-2022.

According to the official, the current complicated situation has led to a jump in energy prices in Europe. Mr. Breton expects this situation to remain the same throughout the upcoming winter.

The prolonged energy crisis is a result of a rise in gas prices caused by the COVID-19 aftermath, the Commissioner added. The pandemic has contributed to a fall in supply amid shutdowns of oil and gas wells.

Many experts pinned their hopes on green energy, but their expectations have not been met. The production levels are still low despite a large number of renewable energy sources.

Thierry Breton also expressed worries about too strong dependence of Germany and some other countries on Russian gas. He said these countries were paying the price for the excessive supply, unwilling to reduce the current level of consumption.

This winter, Europe will probably suffer from the shortage of gas supply not only to produce energy but even to heat homes. According to analysts, it can be caused by the low level of gas inventories in the EU and dwindling LNG supplies from Russia.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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