The unseasonably warm winter in Europe helped reduce natural gas consumption, but rising costs played a bigger role in lowering energy consumption.
The European energy market faced a crisis due to the collapse of the energy partnership with Russia and the invasion of Ukraine.
Despite the challenges, Europe managed to lower its winter gas usage by 16%, exceeding the European Union’s most optimistic targets and avoiding the worst of the crisis.In the fall of last year, things were looking beyond grim for the European energy market. Coming on the heels of extreme energy market volatility caused by the enduring Covid-19 pandemic, Europe’s single-biggest energy trade partnership collapsed.
Europe managed to lower its winter gas usage by a whopping 16%, exceeding the European Union’s most optimistic targets and ultimately allowing the bloc to avoid the worst of the crisis. It has been widely reported – – that it was an unusually warm winter that saved Europe from a devastating energy crisis, and thereby simultaneously foreshortened the Russian war in Ukraine. But according to a new analysis from the Economist, that explanation is grossly oversimplified.
A statistical model built by the Economist found that “temperatures alone explain only around a third of the true reduction in gas demand this winter.” Even after taking the mild weather into account, “Europeans still reduced their gas use by around 12%.” Instead, the bulk of the reduction in consumption can be explained by rising costs, which reduced demand. Simple as that. Most European gas bills were facing bills about 60% higher compared to the previous year, so they cut back on consumption.
While the problem largely seems to have solved itself, the Economist warns that a long-term solution will still be necessary to avoid future energy crises. A bigger emphasis will have to be placed on energy efficiency – which played only a very small role in this winter’s European energy resilience – and other forms of clean and alternative energies to fall back on.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Russia's Gasoline Exports Jump As African Buyers Replace Europe | OilPrice.comRussian gasoline exports surged in the first quarter of this year compared to the same period in 2022, as Moscow placed growing volumes of fuels with African customers after the EU embargo on seaborne imports of Russia's fuels.
Weiterlesen »
How Europe is spluttering its way to better air qualityAcross the EU, over 300,000 people die prematurely from poor air quality every year, according to the bloc’s environmental arm. That is nearly half the number of excess deaths caused by covid-19 in its first 12 months
Weiterlesen »
Europe’s Energy Troubles Continue: Hydro And Nuclear Output Declining | OilPrice.comEurope continues to face energy woes due to declining hydro and nuclear output, potentially leading to increased LNG imports from the U.S. as renewables struggle to fill the gap.
Weiterlesen »
A winter drought grips southern EuropeIn Italy the areas on either side of the river Po, which is carrying 61% less water than usual at this time of year, account for about a third of the country’s agricultural output
Weiterlesen »
Doctor tackles dengue fever questions amid Europe holiday travel warningCould dengue fever impact your European holiday this summer? Here's what you need to know.
Weiterlesen »
Ronaldo and Messi just the start of 50 player Saudi raid on Europe's top leaguesCristiano Ronaldo could be joined in Saudi Arabia by a raft of huge name signings as the nation looks to step up its 2030 World Cup bid. Not only is Lionel Messi a target for the Saudi Pro League, …
Weiterlesen »