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World

14 Jan 2022

Europe’s Energy Crunch Intensifies under Looming Threat of War

The Index Today

Europe’s energy plight has aggravated following the major hike in gas prices spurred by the threat of war.

On Friday, prices of gas and power soared as military activity in Ukraine exacerbated stimulated by rising political strains. Energy Denmark analysts said, “The risk of a potential new war in Ukraine and the effects this could have on the gas market continue to cause a lot of uncertainty.”

Europe’s energy prices remain capricious in the face of its rapidly depleting reserves of gas, which is increasing its dependence on Russia for supply. However, mounting tensions between Russia and Ukraine — which is a notable transit country for Russian exports — spells doom for Europe as governments clamber to control surging consumer prices.

©Photo: Andrey Rudakov | Bloomberg | Getty Images

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