Energy
Europe Is Already Facing Its Next Energy Crisis
With winter still approaching, storage is being emptied faster than usual and gas prices have surged, raising echoes of the 2022 shock.
Snow covers streets in a town in Baden-Württemberg, Nov. 22.
Photographer: Jason Tschepljakow/picture alliance/Getty Images
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Rapidly depleting gas reserves and looming supply cuts from Moscow have the makings of a fresh energy crisis for Europe, which is still reeling from extreme shocks two years ago.
Escalating tensions in Ukraine have contributed to about a 45% surge gas prices this year. While levels are still far below 2022 records, they are high enough to risk deepening a cost-of-living crisis for households and intensifying competitive pressure on strapped manufacturers.