Europe faces energy crisis with 150% gas price rise

Europe is facing a severe energy crisis due to more than a 150% increase in gas prices since the beginning of the year, driven by supply disruptions through the Strait of Hormuz and the aftermath of the Russia-Ukraine war. Gas prices have risen to $96.3 per megawatt/hour, the highest level since December 2022, with storage levels dropping below normal, reaching no more than 78% by next month. Concerns about a cold winter are adding pressure on inventories, which supply approximately 30% of gas consumption in the European Union, threatening to worsen the crisis amid rising costs and impacts on the global market, with expectations of continued high prices even if the war in the Middle East stabilizes or ends. Experts believe that resolving the crisis requires a variety of measures, although the European Union has managed to remain relatively resilient through diversifying import sources and reducing consumption.

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