IN THIS PUBLICATION:
- All EU member states are net importers of energy (i.e. there is no EU country that is self-sufficient energy-wise).
- Around 20% of the EU’s energy consumption relies on fuel sources imported from Russia.
- Russian oil and coal imports can be replaced, but natural gas scarcity will force EU countries (some more than others) to lower gas demand during winter months – which is likely to have a negative economic impact.
Strategic Energy Errors
I’d argue that over the next few years, the number one issue facing the EU (by far) is to navigate this current energy crisis, phasing out its dependence on Russia and becoming more self-sustainable, in a way that minimizes political instability and economic damage.
That’s a pretty consensus view, I know, but I’d stress that for an Italian/Portuguese man in his mid-twenties, to be spending his time writing about energy dependence during the first weeks of August instead of finding ways to land in MYK in time for Islandman’s live DJ set at Scorpios for yet another overpriced evening of social media virtue signaling speaks to the importance of such a theme.