High energy costs are forcing factories across Europe to stop production
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Europe's Energy Shortage
Costs of energy are causing factories throughout Europe to close down. The European industrial production experienced its largest drop in July in the past two years. Today, the industry is in crisis. In order to combat the rising costs of energy European governments have allocated approximately 500 billion euros. To manage the costs, Germany has, for instance declared nationalized Uniper, its utility company.
Europe's energy crisis
The energy security crisis in Europe is a serious issue which affects the entire continent. Despite abundant coal, natural gas and the uranium resource, the continent is currently dependent upon foreign energy sources to meet its energy requirements. Additionally, anti-nuclear, and anti-fossil policy has slowed European production of energy.
There are many ways to address Europe's security in energy problem. One method is to create conditions that allow for the production of energy. This is more effective rather than taxing profits of energy businesses. Europe is currently going through massive reforms of the energy market. Although it's probably not the best choice however it is the most cost-effective and efficient option to reduce the cost of energy and enhance energy security.
The European Union must confront deep divergences among its member states regarding nuclear energy. Nuclear power could decrease the dependence on Russian energy sources and help the European Union meet its climate goals. There are many in Central and Eastern Europe, however, disapprove of the German government's anti-nuclear policy. Furthermore there is a chance that the United States' nuclear power industry is likely to regain market share it lost to Rosatom due to its anti-nuclear energy policy.
Problems arising from its dependence on Russian fossil fuels
Germany has recently stopped a controversial gas pipeline project which was slated to boost Russian gas deliveries to Germany. This has not altered the fact that Europe is still heavily dependent upon Russian oil. However, the European Union is making plans to be more self-sufficient in this particular area. Next week next week, the European Commission is expected to reveal its plans to be energy-independent.
The EU must diversify its energy portfolio, and get away from Russian natural gas. Its policy on energy is more progressive and global-minded as opposed to that of the United States and other major nations, which tend to be caught up in nationalistic narcissism. The policies of the country are in line with global climate change and the need for gradual weaning from hydrocarbons towards renewable energy sources.
While Russia and the EU share the costs of energy, the European Union is still reliant on Russian energy for most of its requirements. Much of the gas that Russia produces is sent over pipelines from the Soviet era through Eastern Europe. While Moscow has been seeking to construct new pipelines they will only supply just a portion of the energy used in Europe.
Solutions to the Crisis
There are numerous possible solutions to Europe's power shortage. There are a variety of solutions for Europe's energy deficiency. These include fuel subsidies and reducing consumption taxes and passing the higher wholesale costs onto industries. It is highly unlikely that any of these solutions are effective without the participation of companies. While a non-targeted approach to help might be politically beneficial however it is a risk of destroying the incentives for consumers to conserve energy.
The first step in resolving the energy crisis in Europe is to find the root cause. The issue is that the EU has yet to address what is causing the problem. European leaders blame Russia for slowing gas pipelines. As a result, the continent has seen a rise in electricity prices and gas shortages. To offset this, many countries have increased the use of fuel oil and coal.
It is also possible to look into more natural gas products. European nations rely heavily on natural gas supplied by Russia. However, the cost of gas has increased 10% since the early 2000s. Additionally, the demand for gas is inelastic, therefore the growth in supply is not likely to result in less demand for gas.
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