Globally, access to energy is becoming more expensive. In different parts of the world, the reasons for this vary. However, the reasons are not changing the negative impacts on everyday people who are struggling to get by.
People need energy to heat their homes and put gas in their vehicles. Many folks who once took access to energy for granted are now losing this luxury as the world becomes more unstable. The war in Ukraine, for instance, has certainly impacted energy costs and supplies around the globe.
In Europe, however, energy costs are soaring far beyond what people can afford.
No Sign of Trouble Letting Up
According to the Household Energy Price Index (HEPI), most countries in Europe have seen their energy costs double, notably in comparison to where they were in 2021.
HEPI went into further detail, explaining the various factors that are causing energy costs in Europe to increase. These factors include the rise in natural gas expenses, greater demand for energy post-COVID-19 pandemic, and even varying weather conditions.
These Germans are trying to dance the cold away amid Europe's energy crisis as part of an initiative called 'Let's move – Tanzt Euch warm,' which translates to 'warm up by dancing' pic.twitter.com/V76iiGeJsz
— Reuters (@Reuters) November 10, 2022
In select cases of European energy costs declining, this is mainly due to various government subsidies, rather than the market stabilizing on its own.
Certain nations, like Germany, are entertaining the notion of energy price caps. Though this could quickly backfire if European energy providers are continuously forced to sell at a loss.
Currently, various governments across Europe are exploring their options and trying to prevent this situation from spiraling further out of control.
As it turns out, many people across European nations are not thrilled with energy costs getting further and further out of their budgets. Therefore, people are taking to the streets to protest and make their grievances known.
Europe’s energy crisis will trigger gas shortages across the emerging world for years 🚨
🚢 Cut from Russian gas, Europe is aggressively turning to LNG
⚠️ Thats leaving less LNG for poorer nations. The shortage is slated to last through 2026
— Stephen Stapczynski (@SStapczynski) November 8, 2022
It also does not help that as energy prices in Europe rise, the general costs of living are also following suit. Like others across the globe, folks living in Europe were hurt by various lockdowns and other restrictions implemented in the name of stopping COVID-19.
Public backlash is coming from not just individuals across Europe, but also certain labor unions and other organizations choosing to go on strike. Unless countries in Europe can come up with solutions to lower energy costs, they can expect more outrage from the general public.