The energy crisis in Europe is not over yet

Europe has been lucky this winter with mild weather as demand for fuel has fallen, but the energy crisis is not over yet. This was stated by the executive chairman of Iberdrola SA.

The energy crisis in Europe is not over yet

“The energy market remains very precarious as long as the market is overly dependent on fossil fuels and subject to geopolitical events,” Ignacio Galán told the World Economic Forum in Davos.

The economy in Europe has improved due to the fact that at the moment countries have enough energy. Economists at Goldman Sachs Group Inc. stopped predicting a recession for the EU in 2023.

But don’t forget that energy security is very important to rely on luck and mild winter weather, notes Galan.

The businessman believes that the energy crisis has not ended, despite the mild winter and falling gas prices.

“I find it disquieting and ironic that only a warm winter driven by climate change has saved much of the northern hemisphere from major threats to energy security and affordability this winter,” Galan concluded.

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