As the energy crisis deepens and the omens for 2023 are not good on the supply front, much soul-searching is now taking place among politicians, Eurocrats and energy analysts.
In the aftermath of Russia’s incursion in Ukraine last February, the energy scene in Europe has changed radically following the decision by the US and the EU to reduce Russian energy imports to a minimum.
Most profound has been the substitution of Russian gas supply with increased LNG imports from the US, Qatar and elsewhere and higher volumes, via pipeline, from Norway and Algeria.
The EU’s unilateral decision last March to press ahead by all means and against all costs to decouple from Russian energy – crude oil, oil products, natural gas and coal – over a short period has upended long-term supply contracts worth hundreds of billions and forced European businesses to look elsewhere for energy supplies.
The accelerated change of Europe’s energy direction has also come at a huge cost following a sharp rise in electricity and gas prices in almost all of the 27-nation bloc and the UK.
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