🛢️ Europe has managed to undercut Putin’s energy threats by diversifying and keeping prices lower, on average, than UK consumers have faced 🔎 Analysis by LeoCendro
had just ordered the land invasion of Ukraine, and the European Union responded almost immediately with a swathe of sanctions against the Kremlin war machine., while the EU worked to end imports or Russian oil and coal. The key question, though, was whether European countries could endure without Russian fuel, which by then, accounted for around one third of its energy imports.
In terms of consumer prices, while results varied from country to country depending on the levels of government subsidies and energy sources used, Europeans have tended to pay lower prices than those in the UK, according to a monthly energy price index carried out byFor example, figures for February 2023 put the UK near the top of European nations when it comes to what users pay for electricity in capital cities, measuring 48.48 €/kwh – just below 49.85 €/kwh in Ireland and 49.
“Europe weathered the energy crisis of 2022 much better than the most people had feared,” says Noah Gordon, the acting co-director, for sustainability, climate, and geopolitics at the Carnegie Endowment for International Peace. Moscow’s threat to turn off its gas taps had long hung over European countries, many of whom have relied on it for years to heat their homes and power their factories.
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