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Friday, September 30, 2022

What’s really going on with the EU’s energy crisis?

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Natural gas prices have surged in Europe, fuelling a crisis that is already impacting companies and consumers’ bills.

According to financial operator ICE, the price of natural gas is six times higher than last year.

But even if the price increase is general, not every country is paying the same rate.

The highest prices for electricity in the EU are actually paid in Greece, followed by Italy, Slovenia and Croatia at around €230 MWh.

On the other end are Germany and Poland, followed by the Czech Republic and Slovakia at around €75 MWh.

Many countries are now asking the EU to work on a common solution to face the crisis, but different countries are proposing different solutions.

Spain, France, Italy, Greece, the Czech Republic and Romania are asking for a joint EU gas procurement program.

Others, like Poland, Hungary, Malta and Slovakia want to slow down the green transition.

They want to do this by reviewing the bloc’s Emissions Trading System, the EU’s policy for reducing greenhouse gas emissions cost-effectively.

For France, Hungary and the Czech Republic, nuclear energy needs to be part of the solution towards a greener future.

Germany, Belgium and Sweden are just some of the countries that say nothing should be done, arguing that the markets will regulate themselves, making a solution at this week’s summit unlikely.

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