The energy crisis in Europe, associated with the end of the pandemic and the invasion of Ukraine by Russia, has ended

RADIO ROMANIA NEWS - The energy crisis in Europe, associated with the end of the pandemic and the invasion of Ukraine by Russia, has ended. According to a Reuters analysis, markets have adjusted, but the problem that remains is that Europe has replaced relatively cheap Russian gas with more expensive liquefied natural gas, jeopardizing industrial competitiveness.

Alina Bordeiasu with details: "Commercial stocks were usually in mid-November, 12 million barrels above the seasonal average of the last 10 years, which shows that the market is well supplied. In Europe, gas stocks are at record levels, especially after the steep decline in industrial gas consumption. Total consumption in big consumer countries such as Germany, Italy, France, Spain and Belgium fell 13 percent in the first nine months of this year, compared to the seasonal average of the last 10 years before the invasion of Ukraine. Inflation-adjusted prices averaged €48 per megawatt an hour, down from €223 in August 2022. Still high compared to €23 per megawatt an hour in average between 2015 and 2019. Although prices are still high, they are no longer at crisis levels and are likely to fall further in the coming year, according to analysts. A steeper decline has occurred in coal, with prices falling from $300 last year to $112 a tonne today.”

Translated by: Radu Matei