According to an examination of power statistics, Europe’s electricity use reached levels last seen during the worst COVID-19 epidemic. However, several nations still need to reduce consumption to prepare for a potential energy supply shortage this winter.
Following a fall in Russian gas supplies due to Western sanctions, European countries are rushing to save energy as winter approaches. Europe’s limited energy sources have been made worse by widespread outages in France’s outdated nuclear fleet. EU energy ministers decided at the end of September to voluntarily reduce electricity use by 10% and to make a 5% required cut during peak hours each month to prevent forced power outages during high winter demand.
How Is the Energy Production Industry Coping?
Europe reduces energy use to prepare for the winter. According to statistics from the European Network of Transmission System Operators for Electricity, power consumption has fallen since COVID lockdowns reduced demand in April and May of 2020 for the same time of year.
High electricity prices are impacting power consumption and probably will for some time because of poor nuclear production and dry summer restricting hydroelectric capacity, according to Morgan Stanley (NYSE: MS). The utility experts at the investment bank mentioned that demand destruction would play a vital role in balancing the energy supply-demand equation for the two winters.
By comparing September’s total consumption in Europe to the same period’s average for 2015 through 2021, there is a calculated 4.3% decrease. Except for Cyprus, Romania, Luxembourg, and Spain, the figures pertain to all EU member states due to inconsistencies in their statistics. Also, Norway and Switzerland, but not Britain, whose data is stale. Unseasonably warm or cold weather, consumer and corporate behavior, and other aspects, can all affect changes in power use. It may also represent economic activity, and a drop in electricity consumption may show a decline in output in real time.
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