Energy Shocks Remind Europe of Gas Reliance: Report
The first ten days following the escalation of the conflict in the Middle East have been a painful reminder of the EU’s fossil reliance. The rise in fossil prices increased the EU’s fossil import bill, which could have a knock-on effect on electricity prices. The cost of gas-fired power across Europe has increased by more than 50% due to the gas price spike since February 28. The EU paid an additional €2.5bn for fossil fuel imports in the first 10 days of the conflict.
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