Electricity prices in Europe (EU) have doubled since the start of this year, while natural gas prices have increased by nearly 800%, raising concerns that rising prices could destabilize the region’s economy. . Recently, Russia said it was ready to support the EU to overcome the current energy crisis.
Speaking at an online meeting with representatives of the European Business Association in Russia, Russian Foreign Minister Sergei Lavrov said on October 8 that Russia is ready to assist Europe in overcoming the current energy crisis.
“I would like to reiterate that Gazprom (Russia) is continuing to supply gas to Europe under long-term contracts. Gazprom continues to fulfill all its obligations and even more.”
Foreign Minister Lavrov also said that the European Commission (EC) and the US are directly responsible for the current tensions between Russia and Europe over energy supplies.
According to him, the EC has stretched the legal requirements for the Nord Stream 1 project, making this gas pipeline only operate at 50% of its maximum capacity. The same can happen with the Nord Stream 2 project.
Europe is facing an energy crisis that began last winter when unusually cold weather caused heating demand to skyrocket, severely reducing gas reserves to a worrying level of 30%. in March.
Russia is ready to help Europe overcome the current energy crisis. (Photo: VNA)
In the spring, thanks to the COVID-19 vaccination campaign, business and consumption in Europe increased again, boosting energy demand.
Demand continued to increase this past summer as hot weather forced people to use more air conditioning and cooling systems.
However, the increase in demand has not been accompanied by an increase in the flow of gas from Russia, Norway and Algeria to Europe.
Another internal reason is that the European Union (EU) shrinks power generation from brown coal, so power plants are forced to increase their use of gas while renewable energy sources such as wind power are still not enough. to meet the needs.
Climate taxes on fossil fuels also increase the price of gas and electricity sold in Europe.
Electricity prices in the EU have doubled since the start of this year, while natural gas prices have risen by nearly 800%, raising concerns that rising prices could destabilize the region’s economy.
Consumer price index in the euro area (Eurozone) in August increased 3%, the highest level in the past 10 years.
Gas shortages have bankrupted 10 energy companies in the UK since the beginning of August.
The gas crisis has also caused businesses that use a lot of energy to suffer. With natural gas as the main raw material, many fertilizer manufacturers have had to close plants or limit output.
This risks raising production costs for farmers as well, exacerbating global food price inflation.
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