In these days we hear about the energy crisis, which does not only concern Italy, but also the rest of Europe. According to experts, the problem is destined to last throughout the winter, until the spring of 2022. But what are the causes?
The spark that triggered the crisis was the sudden recovery in the demand for coal, oil and natural gas, after the drop due to the past few months, and the difficulties in supplying raw materials, logistics and distribution. But the factors are many, and only partly due to the economic fallout of the pandemic.
- High demand / low offer: the countries producing oil and natural gas, such as methane, have not been able to increase the supply necessary to meet the growth in demand. When the demand for a scarce good increases, however, the laws of the market lead to higher prices. Unfortunately, the hydrocarbons were already in conditions of scarcity, so the offer/demand/price ratio changes in a greater proportion.
- Fossil gas hoarding: almost all the gas required by the European Union is imported, and about 90% comes from non-member countries, of which 43.6% from Russia. Each European country draws on energy resources to a different extent and those who are able to supply fuel gas know they are in an advantageous position and reduce flows towards outside borders.
- Not just gas: it is not just gas for heating or for the production sectors. More than 20% of the electricity produced in the countries of the Union, in fact, is obtained from natural gas, while in Italy it is even 40%. For this reason, the price increases will also affect electricity bills.
- Energy resources and less productive fields: the North Sea gas fields are less and less productive and the Netherlands (the only net exporters of gas in the European Union, together with Denmark) are proceeding with the closure of the Groningen field due to seismic risks. In the Nordic countries, a particularly windless and dry summer caused the basins that feed hydroelectric plants to drop to minimum levels and gave a blow to wind energy production: in this case, the greatest repercussions were the United Kingdom and Ireland, which bought a lot of energy from Norway.
- Crisis extended to non-renewable energy sources: tensions on the supplying markets for natural gas rapidly spread to those of oil and coal, which had remained quite unrelated to the exponential rise in the price of gas last summer. It is estimated that by the first months of 2022, the demand for oil will reach 100 million barrels a day, with a return to consumption before the pandemic with a consequent generalized increase in prices.
Will the energy crisis lead to an energy lockdown?
For now, unfortunately, all we can do to avert the energy crisis is try to limit energy consumption to have a positive impact, both on the bill and, above all, on the environment.
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