9,193.69 TL BIST 100 BIST 100
€33.89 EUR EUR
31.30 $ USD USD
44.87 TL Interest Interest
82.24 $ Fossil Oil Fossil Oil
22.71 $ Silver Silver
3.84 $ Copper Copper
115.84 $ Iron Ore Iron Ore
392.00 $ Ship Dismantling Ship Dismantling
2,060.77 TL Gold (gr) Gold (gr)

Europe will also face energy supply problems in 2023

Europe survived the energy crisis in the winter of 2022 due to a mild winter and restrictions on energy consumption. In 2023, however, Europe could face a 60 billion cubic meter gas shortage.

Europe will also face energy supply problems in 2023

Last year, in response to the energy crisis, the EU had targeted a 15% reduction in gas demand and a 5% reduction in electricity demand. But gas consumption decreased by only 13% y-o-y to 430 billion cubic meters.

The EU has taken a series of measures against increasing energy prices. Efforts are being made to better coordinate energy supply and distribution among EU countries. The EU is also encouraging the diversification of energy supply and increasing energy efficiency by investing more in renewable energy sources. Moreover, the EU Commission is preparing to introduce stricter regulations against price fluctuations in energy markets. However, as each EU country has its own energy policies and markets, preventing energy price spikes is not entirely under the EU's control and work is ongoing.

This year, the European Commissioner for Energy will introduce the TTF natural gas price trigger mechanism, which could prevent a sharp increase in energy spending by businesses and households due to rising natural gas prices. This mechanism could also track the fluctuation of global LNG prices, enabling EU countries to purchase natural gas from the global market at a competitive price. In addition, the joint purchase of natural gas is a new tool used by the European Union to contain increasing energy costs caused by the disruption of Russian pipeline gas supplies following the Russia-Ukraine conflict.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

JSW Steel ventures into green steel manufacturing with new subsidiary

Friday, March 1, 2024

Malaysia Steel Works (KL) Bhd. disclosed Q4 and full year 2023 financials

Friday, March 1, 2024

Efforts to reduce carbon emissions in Asia towards green steel production

Friday, March 1, 2024

Green steel support of €370 billion for Italy from the European Commission

Friday, March 1, 2024

Nickel prices fell in Indonesia

Thursday, February 29, 2024
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now