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LEAK: Energy prices will ‘remain high and volatile until at least 2023’, EU Commission says
(EurActiv, 18 Feb 2022) Gas and electricity prices will “remain high and volatile until at least 2023” according to long term forecasts quoted in a draft of the European Commission’s communication on energy prices due to be published next month.
The draft communication, obtained by EURACTIV, gives a grim picture of high and unstable energy prices continuing for the coming years, which will drive inflation, impact households and increase costs for businesses.
“Energy prices continue to be of high concern across the EU. High and volatile gas prices, strongly influenced by high global demand and mounting geopolitical tensions, drive high electricity prices,” according to the draft, which could still be modified before it is published in early March.
It warns that the energy crisis – triggered by high gas prices and exacerbated by deteriorating relations with Europe’s main gas supplier, Russia – has worsened since the autumn and will last longer than expected, until 2023.
“With the EU gas storages at historically low levels and security of supply concerns linked to low debit in the gas pipelines from the East, we witness a growing gas crisis compared to the situation at the time of Commission’s communication from last October,” the paper reads.
EurActiv, 18 Feb 2022: LEAK: Energy prices will ‘remain high and volatile until at least 2023’, EU Commission says
