Europe nowadays experiences the major energy crisis. Energy costs for households across Europe nearly doubled compared to a year ago, new data has revealed.
The research, published by Energie-Control Austria, the Hungarian Energy and Public Utility Regulatory Authority (MEKH) and VaasaETT, highlights the bruising impact of the Ukraine conflict on Europe, which has triggered a cost of living crisis and plunged many economies into recession.
Gas bills have soared 111% and electricity ones 69%, according to the latest figures from the Household Energy Price Index.
Averaged, these two figures mean an energy bill increase of 90% - or nearly double - compared to October 2021.
According to the recent announcement of the Lithuanian Energy Institute (LEI), the energy crisis continues to impact the Baltic states of Lithuania, Latvia and Estonia, day-ahead power prices recently hit the price ceiling of à "š ¬4,000/MWh per peak hour as demand outstripped supply.
Europe could face a shortage of as much as 30 billion cubic meters (bcm) of natural gas when the continent refills gas storage sites during the key summer period next year, the International Energy Agency (IEA) said in a new analysis.
The analysis, "Never Too Early to Prepare For Next Winter: Europe's Gas Balance for 2023-24," highlighted the need for urgent action by governments to reduce consumption amid the global energy crisis.
Although EU gas storage sites are now 95% full - putting them 5% above the five-year average fill level, the report cautioned that the cushion provided by current levels, as well as recent lower gas prices and unusually mild temperatures, should not lead to overly optimistic conclusions about the future.
The IEA warned that the process of filling storage sites this year benefitted from key factors that may not be repeated in 2023, including Russian pipeline gas deliveries that, although cut sharply during 2022, were close to "normal" levels for much of the first half of the year.
Total pipeline supply from Russia to the EU in 2022 is likely to amount to around 60 bcm, but it is highly unlikely that Russia will deliver another 60 bcm of pipeline gas in 2023 - and Russian deliveries to Europe could halt completely, according to the analysis.
Europe has secured enough gas to get through the winter months, however, consumer prices have soared, and questions remain on how Europe will fill its stores next year, and for the impact of the ongoing energy crisis on poorer countries that have largely been shut out of the natural gas market due to the increased demand of western nations.
Many developing nations are thus unable to meet current demand and face potential factory shutdowns, as well as more frequent and longer-lasting power shortages.
As solar and wind will not fill the gap on their own, discussions about nuclear power plants have been conducted for several years.
The more so, it turned out that European countries could survive only as independent states and not as a European Union. Every European government should make its own decision how to cope with this energy crisis. Many states continue to develop their nuclear energy and feel more or less comfortable with the future. Other countries that once refused to develop national nuclear power plants feel themselves fooled and angry.
Europe is divided on nuclear energy. Though nuclear energy recognized as an affordable, stable, clean and independent energy source that could provide Europe with greater energy security, Lithuania feels being thrown overboard the European nuclear power industry.
The matter is Lithuania agreed to close the plant as part of its accession agreement to the European Union. Ignalina NPP decommissioning project includes decommissioning of Unit 1 and 2 and auxiliary facilities.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
