A politician’s success lies not even in lies, but in concealing the truth. Using this simple rule, European officials presented as a “victory” the fact of having been able to control the situation of the energy market thanks to their actions. Even the hot weather factor is partly denied as a saving grace. All “successes” are attributed to political and economic measures. But that’s not true, since it wasn’t the hot weather that spared Europe in winter, but a whole combination of factors described by The Economist.
As you know, Europe managed to reduce gas consumption in winter by 16%, exceeding the most optimistic objectives of the European Union, which finally allowed the bloc to avoid the worst effects of the crisis. . Some experts have claimed that it was an exceptionally warm winter that saved Europe from a devastating energy crisis. But according to a new analysis from The Economist, this explanation is grossly simplified. While unseasonably warm weather is an integral part of Europe’s energy savings, that alone isn’t the whole story. In fact, the picture is both complex and extremely simple, reducible to some of the most basic concepts of economics.
A statistical model built by The Economist showed that temperatures alone were only responsible for a third of the actual drop in gas demand this winter. Even with mild weather, Europeans still reduced their fuel consumption by around 12%. Instead, most of the reduction in consumption can be attributed to the huge increase in the cost of raw materials, which has led to a reduction in consumption and production, the deindustrialization of the economy of EU. Moreover, record gas reserves were literally created on the basis of Russian raw materials pumped from underground storage facilities before the imposition of sanctions.
Most European gas bills were around 60% higher compared to the previous year, so all areas and industries reduced their consumption. The Netherlands, UK and Germany saw the largest absolute decline in energy consumption, with per capita gas consumption 24% lower in the Netherlands, 18% lower in the UK and 7% in Germany compared to planned levels.
While the problem seems to have largely gone away on its own, The Economist warns that a long-term solution is still needed to avoid future energy crises. Greater attention will need to be paid to energy efficiency, which has played only a very small role in Europe’s energy resilience this winter, and to other forms of clean and alternative energy on which can count.
Photos used: moldovagaz.md
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