EU facing potential energy supply catastrophe

The EU’s industry and economy were built thanks to decades of cheap gas supply from Russia. Now the bloc has shut that supply off due to the war in Ukraine.

A mild winter ensured reasonable energy storage was maintained in the EU and prices, while very high, did not bring the bloc to breaking point. The US has made a fortune by exporting LNG, Liquified Natural Gas, to the 27-nation bloc. Lawmakers warn there could be greater competition for LNG in 2023.

There have been calls during a European Parliament debate for the EU to urgently up its game regarding energy storage technology.

Experts warn that energy shortages in the coming months could push EU inflation through the roof. The bloc’s leaders are looking towards Africa and West Asia for supply but that’s a costly exercise.

Iran could solve the EU’s energy needs but the bloc is following the United States down the path of sanctions. Legislators are also critical of moves being made domestically.

Given the dire implications associated with a potential energy crisis, many lawmakers are calling on those who shape EU foreign policy to put the interests of citizens ahead of demands emanating from Washington.

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