Europe’s Energy Outlook Imperiled By Policy Myopia

Europe’s Energy Outlook Imperiled By Policy Myopia

Share to Linkedin gas price increase, euro banknotes burn in the gas flame, symbolic concept for rising energy costs, ... [+] money in the fire, close-up, higher expensive rate for energy Europe's winter – likely to be warmer than average – is a welcome relief for a continent that was facing existential energy supply problems a few months ago. Those problems still exist, and many Europeans are suffering due to the avoidable problems associated with overreliance on Russian gas. Thankfully, the window in which Russia could have leveraged its energy control for a favorable political resolution in Ukraine may be getting smaller. Winter is here, and Europe endures, although not without hiccups. Annual GDP growth rates. The 2023 Outlook suggests a declining trend in the European economy. The main beneficiary of this mild winter in Europe is Germany, the engine of the European economy. It acquired over 40 percent of its gas imports from Russia and was planning to expand its dependency on Russian gas by activating the Nord Stream 2 gas pipeline. Russia's war in Ukraine made this impossible, and now Germany has turned to more reliable non-Russian LNG sources. This unexpected diversification and energy boon for Germany has