Europe grapples with energy crisis amid russia-ukraine conflict

The European Union found itself in an energy crisis due to the Russia-Ukraine war that began on February 24, 2022.

In the face of the sanctions imposed by the West one after another due to the war, Russia's move to put its natural gas card on the table has made the winter season challenging for Europe.

Member states of the Union turned to alternative suppliers as imports from Russia decreased due to the war.

The EU countries, which consume around 400 billion cubic meters of natural gas annually, have a storage capacity of up to 110 billion cubic meters.

For this winter, the storage facilities are over 90% full.

However, the current stocks are not sufficient to meet the entire winter demand of the continent.

Market developments can trigger the crisis

Kadri Simson, the EU Commissioner responsible for energy, stated that the continent's energy security is in a more stable position compared to last year.

However, she pointed out that the gas market has remained sensitive in recent weeks.

In this context, colder-than-normal weather conditions, increased consumption in energy-intensive production, and developments in international markets are emerging as factors that could trigger the crisis.

The storage capacity doesn't necessarily mean that Europe will have cheap access to natural gas.

The natural gas prices, which have been rising for the past 10 years, could increase further.

The first sign of this has already appeared.

Even the possibility of workers of a natural gas company in Australia, an alternative supplier, going on strike raised prices by 7%.

This highlighted how delicate the balance is in Europe's natural gas consumption and supply.