Page 50 - Nigeriaone mag 3 edition en

The European energy crisis deepens

energy crisis in Europe, illustrative image

It is a worldwide crisis that is unprecedented on a global scale, but the situation is particularly perilous in
Europe, which is at the epicenter of the turmoil in the energy market. As a result of the Russian invasion of
Ukraine, which began on February 24, 2022, Europe is suffering devastating economic consequences. As the war
intensified, European reliance on Russian gas imports led to desperation. Many countries that rely heavily on
Russian gas, such as Italy and Germany, are heavily affected by this conflict. A study conducted by Italy's
Chamber of Commerce found that the high sustained energy costs would negatively impact 120,000 Italian
companies, resulting in 370,000 job losses for a country where the economy is still struggling from the
Coronavirus pandemic. A significant impact of the energy crisis also affects other European countries. As
Europe prepares for the upcoming winter, the biggest challenge is to ensure that there will be enough power.
The Europeans are trying to put in place practical
measures to overcome the supply gas shortage and
reduce their dependence on Russian energy. Their
efforts are focused on maximizing gas supply from
other sources and ramping up energy efficiency
measures in homes and businesses. As part of its
efforts to be proactive, Italy is planning ad
campaigns to encourage people to use less energy in
the colder months. Companies that scale back non-
essential energy usage will also receive incentives
from the government. In Germany, the government
will keep heaters below 20 degrees Celsius in public
buildings. Emmanuel Macron, the president of
France, warned his citizens that sacrifices would be
required in the coming months. With these moves,
European leaders demonstrate their resolve and
determination to undercut President Vladimir
Putin's extra leverage ahead of the coming winter. Neurath thermal power station North Rhine-Westphalia Germany.

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