Energy Market Review
2022 energy markets experienced skyrocketing prices, particularly in Europe, reflecting deep uncertainties around the war in Ukraine and the Russian gas undersupply. As a result, the situation prompted the European Union to increase ambitions and strengthen policies to advance clean energy transitions and reduce dependency on fuel imports.
So far, the situation has been favorable for the European Union due to the mild winter 2022/23 and high gas storage levels.
But in the mid-term, the situation remains highly uncertain, with many analysts believing that 2023 is going to be another challenging year. Sluggish economic growth may dampen global electricity demand growth in 2023. However, will it be sufficient to overcome the energy crisis?
To learn more about the possibility of the European energy market redesign, you can visit the next article here.
