{"id":64512,"date":"2022-12-23T08:33:05","date_gmt":"2022-12-23T13:33:05","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64512"},"modified":"2022-12-23T08:33:05","modified_gmt":"2022-12-23T13:33:05","slug":"europes-energy-crisis-is-just-getting-started","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64512","title":{"rendered":"Europe\u2019s Energy Crisis Is Just Getting Started"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Europes-Energy-Crisis-Is-Just-Getting-Started.html\">Europe\u2019s Energy Crisis Is Just Getting Started<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li aria-level=\"1\">While Europe managed to fill its gas storage ahead of winter this year, it will have to import huge amounts of LNG in a competitive market to survive next winter.<\/li>\n<li aria-level=\"1\">The next 12 to 24 months will be critical in establishing whether Europe can stave off a long-term energy crisis.<\/li>\n<li aria-level=\"1\">According to the IEA, if Russian gas supply drops to zero and Chinese LNG demand hits 2021 levels, the EU could have a supply-demand gap of 27 billion cubic meters in 2023.<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-12-19_7fzrsl8vpu.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2022-12-19_7fzrsl8vpu.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-12-19_7fzrsl8vpu.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>Despite successfully filling its gas storage ahead of winter this year, Europe\u2019s energy crisis is far from over. The situation for Europe could, in fact, be worse next winter when Russian pipeline gas supply will be down to a trickle, at best.<\/p>\n<p>European households and businesses have already seen a rise in total energy costs by $1.06 trillion (1 trillion euros), according to\u00a0<a href=\"https:\/\/www.imf.org\/en\/Publications\/fandd\/issues\/2022\/12\/beating-the-european-energy-crisis-Zettelmeyer\" target=\"_blank\" rel=\"noopener\">estimates<\/a>\u00a0by European economic think-tank Bruegel published by the International Monetary Fund (IMF). According to Bruegel\u2019s analysts, if governments in Europe do nothing except offer financial support, and if they cover the price increases, this sum would represent a massive 6% of the annual GDP of the EU.<\/p>\n<p>\u201cMassive government support could delay adjustment to a new price equilibrium and create the need for even more support,\u201d Bruegel\u2019s experts say.<\/p>\n<p>Instead, the EU needs a \u201cgrand bargain\u201d to encourage savings and increase supply at the same time.<\/p>\n<p>The next 12 to 24 months will determine whether Europe will be able to cope with the energy crisis without having to resort to mandatory rationing or without losing too much industry competitiveness.<\/p>\n<p>Europe\u2019s energy systems were already\u00a0<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Europe-Faces-Stress-Test-As-Arctic-Blast-Drives-Surge-In-Power-Demand.html\">put to the first real test<\/a>\u00a0this month amid an Arctic blast that swept through most of northwestern Europe, bringing freezing temperatures, snow in the UK, and depressing wind speeds in Germany.<\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Europe\u2019s Energy Crisis Is Just Getting Started While Europe managed to fill its gas storage ahead of winter this year, it will have to import huge amounts of LNG in a competitive market to survive next winter. The next 12 to 24 months will be critical in establishing whether Europe can stave off a long-term [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[265,281,548,554,5332,694,14603,885],"class_list":["post-64512","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-energy-crisis","tag-europe","tag-nat-gas","tag-natural-gas","tag-oilprice-com","tag-russia","tag-tsvetana-paraskova","tag-winter"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64512"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64512\/revisions"}],"predecessor-version":[{"id":64513,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64512\/revisions\/64513"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}