Press Release
Coal and nuclear key to Europe’s short term energy security amid war
2022-03-29
Brussels 28 March 2022 – As Europe and its allies turn away from Russian energy supplies, high energy prices will see a boost in coal and nuclear energy production. That is according to a report from The Conference Board.
Sara Murray, Managing Director, International for The Conference Board, said:
‘Our research indicates that oil prices are set to remain above $125 per barrel for the first half of 2022. As European businesses and consumers feel the squeeze of losing up to 62% of their energy imports coming from Russia, coal production and nuclear plants will provide some relief from the supply shock in the near term.’
Looking to the future, the loss of Russian energy supplies brought about by war has the potential to accelerate Europe’s transition to a net-zero economy. Renewable sources of energy are far cheaper to power and are not subject to the same price volatility as fossil fuels; meaning that they provide consistently lower costs over time.
‘As Europe overcomes the initial supply-side shock, we could see nations really ramp up their energy production from renewable sources. This carries the dual advantage of being homegrown - thus reducing strategic dependencies, and being consistent with the EU’s Green Deal agenda, as well as being far more cost-efficient,’ Ms. Murray added.
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