Europe is bracing itself for what is expected to be an extremely challenging winter as the countries of the continent struggle to secure energy supplies from various sources, reduce residential and/or industrial consumption levels, and subsequently mitigate the fallout from high prices in a Europe-turned-global energy crisis that continues to shape the continent’s political and economic climate.
Triggered by rapidly increasing demand for gas under the post-pandemic economic recovery in 2021, the scarcity of gas supplies and skyrocketing energy costs on European markets, the current crisis has been exacerbated by Russia’s war against Ukraine, the ensuing economic fallout and the Kremlin’s move to halt most Russian gas supplies in retaliation to sanctions imposed by Western governments.
The crisis has put an enormous burden on Central and Eastern European countries, many of which have been relying on cheap Russian energy for years. Governments across CEE are now placing enormous efforts to shore up supplies, find long-term alternatives, as well as to mitigate the economic and social impact of the price hikes.
As Central and Eastern European EU member states gear up for the challenges lying ahead, Aretera takes a look at the fallout from the energy crisis in the region.