Europe Remains Dependent on Gas Despite High Prices

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Adi Ahdiat 12/09/2022 18:50 WIB

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In August 2022, natural gas prices in Europe reached an all-time high. However, Europe remains heavily reliant on gas as a source of electricity.

Electricity Generation in Europe by Energy Source (August 2022)

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Europe Remains Dependent on Gas Despite High Prices

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Electricity Generation in Europe by Energy Source (August 2022)

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According to World Bank data, in August 2022, the price of natural gas in Europe reached US$70 per million British thermal unit (mmbtu).

This price increased by approximately 147% year-to-date (YTD), was more than 353% higher year-on-year (YOY), and was the highest ever recorded by the World Bank.

Despite the high price, in August 2022 Europe still relied on natural gas to meet its electricity needs.

According to data compiled by Ember, a UK-based research institute, in August 2022, electricity generation from natural gas in Europe reached 106.2 terawatt-hours (TWh), the largest compared to other energy sources.

After gas, Europe heavily relies on nuclear and coal-fired power plants, with details as shown in the graph.

Meanwhile, the U.S. Energy Information Administration (EIA) predicts that Europe will increase its consumption of oil for electricity needs in the near future.

"Due to high global natural gas prices, we expect oil consumption to increase, particularly in Europe, which may switch to oil-fired power plants," the EIA explained in its September 2022 Short-Term Energy Outlook report.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."