European energy storage blowout incident

How has Russia impacted the EU's energy crisis?

Russia’s unjustified military aggression against Ukraine and its weaponisation of gas supplies have provoked an unprecedented energy crisis for the EU. They have caused a sharp rise in energy prices and brought hardship for Europeans. The EU is taking strong action to address this.

Will Europe's energy crisis continue?

Shotaro Tani in London, Leslie Hook and Harry Dempsey in Singapore Simply sign up to the Energy crisis myFT Digest -- delivered directly to your inbox. Europe’s energy crisis is set to persist for years if the region fails to reduce demand and secure new gas supplies, according to fresh warnings from energy industry executives and analysts.

How has Europe responded to Russia's gas shortage?

Despite the significant drop in Russian energy supplies – from 45% of our gas imports last year, to just 14% in September 2022 – Europe has managed to find alternative supplies and reduced its demand to compensate for the shortfall.

Is Europe loosing the grip of Russia over its energy sector?

Quite the opposite, Europe ended winter with a remarkable milestone for its energy sector: EU gas storages were almost 60% full, a record amount. This didn't grab the headlines, but it matters. Because it shows that Europe has finally loosened the grip that Russia had over its energy sector.

Is energy causing Europe's financial crisis?

Inflation is accelerating. The massive expense of energy subsidies is creating big fiscal problems. And the frantic scramble to keep the lights on has distracted governments from other pressing business. Europe’s crisis has only just begun. Energy is at the heart of the continent’s misfortunes.

How has Europe responded to the supply shock?

The third element of Europe’s response to the supply shock has been to try to curb demand for both gas and power. EU countries have consumed about 10% less gas so far this year, compared with previous ones. Power consumption is also down, though not as much. Some unseasonably warm weather has dampened demand for gas for heating.