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Energy dominates Europe’s agenda

- European leaders highlight role of clean energy in enhancing economy, energy crunch likely to cost German economy $64B in 2022

home > Electricity, Thermal, Coal, International Organization, Europe 09.11.2022 09:31

Energy dominates Europe’s agenda

Europe is struggling to address a deepening energy crisis partly due to the ongoing Russia-Ukraine war as Moscow has suspended natural gas supplies in response to economic sanctions imposed by the West.

Governments are trying to diversify energy supplies and introduce measures to reduce demand and save energy.

European leaders participating in the UN climate change summit (COP27) in Egypt, held on Nov. 6-18, have underlined the importance of green hydrogen and clean energy in enhancing the economies of countries worldwide.

Speaking at a roundtable on investment in the future of energy, German Chancellor Olaf Scholz emphasized the need to move to green hydrogen to enhance the economies of the countries.

"There must not be a worldwide renaissance of fossil fuels," Scholz said, adding that "for Germany, I can say: there will not be one."

Speaking at the same event, European Commission President Ursula von der Leyen called on wealthy countries to invest billions in the infrastructure of African countries and others to find alternatives for energy.


- Germany

As higher gas and oil prices continue draining billions of euros, the German economy’s real income losses this year will amount to some €64 billion ($64 billion), according to the Munich-based Ifo Institute for Economic Research.

The figure equals 1.8% of Germany’s economic output, said a report released by the institute on Tuesday.

The country lost €35 billion last year and is expected to see another €9 billion in losses next year.

“Together, this gives us a real income loss over those three years of almost €110 billion, or 3% of annual economic output,” said Timo Wollmershauser, the head of forecasts at Ifo.

“The only time this figure was higher was during the second oil crisis of 1979-81, when the loss in economic output was 4%,” he added.

He warned that the current decline in real income is expected to persist over the next few years.

“First, losing Russia as a supplier means that energy prices will likely remain high for the long term. Second, Germany won’t free itself from its dependency on energy imports overnight,” said Wollmershauser.

According to official preliminary estimates, Germany’s annual inflation hit a new all-time high of 10.4% in October, largely driven by a 43% annual jump in energy costs.

The energy-related economic crisis also shows its effects on the daily lives of people. Germany’s Jewish community on Tuesday warned against rising anti-Semitism in the country due to the energy crisis and skyrocketing prices.

“The Central Council of Jews in Germany is gravely concerned about a further increase in anti-Semitism during the winter months,” Mark Dainow, the vice president of the group, told a news conference in Berlin.

He said they are worried that the right-wing extremists may exploit the crisis to stir up fear and hatred against Jews in Germany.

“Rising energy prices will be a severe test for unity in our country. During uncertain times people are seeking answers through simplistic ideologies and conspiracy theories,” he said.

Dainow noted that between January and September this year, German authorities registered more than 1,555 anti-Semitic incidents, with “five anti-Jewish crimes" per day, adding that the figure is a source of serious concern for the community.

According to official statistics, nearly 85% of anti-Semitic crimes in Germany were committed by right-wing extremists in 2021.

Germany is facing the biggest energy crisis ever due to the ongoing Russia-Ukraine war, which led to disruptions in the oil and gas supply and pushed energy and food prices to record highs.

Authorities have been warning that far-right groups are trying to profit from the crisis, spreading fake news to fuel anxieties, and incite hatred against refugees, migrants, Jews, and Muslims in Germany.

By Busra Nur Cakmak

Anadolu Agency

energy@aa.com.tr


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- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 1.97 billion Turkish liras
08.09.2025 Electricity

Türkiye's daily power consumption down 8.6% on Sept. 6

- Electricity exports amount to 7,110 megawatt-hours and imports total 4,169 megawatt-hours
08.09.2025 Electricity

Spot market electricity prices for Sunday, Sept. 7

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 1.43 billion Turkish liras
06.09.2025 Electricity

Türkiye’s YEKA tenders set to draw $3.3B in renewables investment

- Wind and solar projects across 12 provinces to support 2035 energy targets
09.09.2025 Electricity , Renewable

Türkiye's daily power consumption down 1.22% on Sept. 5

- Electricity exports amount to 6,299 megawatt-hours and imports total 3,687 megawatt-hours
06.09.2025 Electricity

Spot market electricity prices for Saturday, Sept. 6

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.05 billion Turkish liras
05.09.2025 Electricity

Türkiye's daily power consumption down 0.5% on Sept. 4

- Electricity exports amount to 8,159 megawatt-hours and imports total 4,793 megawatt-hours
05.09.2025 Electricity

Spot market electricity prices for Friday, Sept. 5

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.2 billion Turkish liras
04.09.2025 Electricity

Greece urges Greek Cypriot Administration to clarify its position on electricity interconnection project

- Move came after administration’s finance minister called project ‘unviable’
05.09.2025 Electricity

Türkiye's daily power consumption up 0.3% on Sept. 3

- Electricity exports amount to 6,136 megawatt-hours and imports total 2,842 megawatt-hours
04.09.2025 Electricity

Rosatom chief vows support for China’s nuclear expansion

- Corporation head says Beijing aims to surpass US in installed nuclear capacity with Russian help
04.09.2025 Nuclear

Spot market electricity prices for Thursday, Sept. 4

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.12 billion Turkish liras
03.09.2025 Electricity

Türkiye's daily power consumption up 3.17% on Sept. 2

- Electricity exports amount to 5,797 megawatt-hours and imports total 2,747 megawatt-hours
03.09.2025 Electricity

Spot market electricity prices for Wednesday, Sept. 3

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.10 billion Turkish liras
02.09.2025 Electricity

Türkiye's daily power consumption up 17.2% on Sept. 1

- Electricity exports amount to 5,779 megawatt-hours and imports total 2,646 megawatt-hours
02.09.2025 Electricity

Spot market electricity prices for Monday, Sept. 2

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.19 billion Turkish liras
01.09.2025 Electricity

Türkiye's daily power consumption down 5.5% on Aug. 31

- Electricity exports amount to 5,257 megawatt-hours and imports total 3,348 megawatt-hours
01.09.2025 Electricity

Spot market electricity prices for Monday, Sept. 1

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.25 billion Turkish liras
31.08.2025 Electricity

Türkiye's daily power consumption down 11.2% on Aug. 30

- Electricity exports amount to 7,306 megawatt-hours and imports total 4,196 megawatt-hours
31.08.2025 Electricity

Spot market electricity prices for Sunday, Aug. 31

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 1.51 billion Turkish liras
30.08.2025 Electricity

Türkiye's daily power consumption down 0.9% on Aug. 29

- Electricity exports amount to 6,250 megawatt-hours and imports total 4,891 megawatt-hours
31.08.2025 Electricity , General

Spot market electricity prices for Saturday, Aug. 30

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2 billion Turkish liras
29.08.2025 Electricity

Tiny energy cost per AI prompt could still carry global impact

- Google’s first comprehensive study shows a Gemini chat consumes 0.24 Wh of energy, 0.03 grams of CO2, and five drops of water
02.09.2025 Electricity , General

Türkiye's daily power consumption up 0.4% on Aug. 28

- Electricity exports amount to 7,473 megawatt-hours and imports total 5,926 megawatt-hours
29.08.2025 Electricity

Türkiye's licensed power generation down 5.4% in June

- Installed electricity capacity rises by 2.1% in June compared to same month in 2024
29.08.2025 Electricity

Spot market electricity prices for Friday, Aug. 29

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.1 billion Turkish liras
28.08.2025 Electricity

Türkiye's daily power consumption down 1.7% on Aug. 27

- Electricity exports amount to 7,234 megawatt-hours and imports total 4,912 megawatt-hours
28.08.2025 Electricity

Spot market electricity prices for Thursday, Aug. 28

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 1.92 billion Turkish liras
27.08.2025 Electricity

Türkiye's daily power consumption up 10.5% on Aug. 26

- Electricity exports amount to 12,169 megawatt-hours and imports total 3,944 megawatt-hours
28.08.2025 Electricity

Spot market electricity prices for Wednesday, Aug. 27

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 1.96 billion Turkish liras
27.08.2025 Electricity

Türkiye's daily power consumption up 3% on Aug. 25

- Electricity exports amount to 20,812 megawatt-hours and imports total 3,352 megawatt-hours
26.08.2025 Electricity

Spot market electricity prices for Tuesday, Aug. 26

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.01 billion Turkish liras
25.08.2025 Electricity

UN nuclear watchdog confirms normal radiation levels near Kursk power plant

- 'Reactor unit’s power reduced due to auxiliary transformer damage but fire extinguished and no injuries,' IAEA says
25.08.2025 Nuclear

Türkiye's daily power consumption down 10.2% on Aug. 24

- Electricity exports amount to 22,216 megawatt-hours and imports total 4,966 megawatt-hours
25.08.2025 Electricity

Spot market electricity prices for Monday, Aug. 25

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.05 billion Turkish liras
24.08.2025 Electricity

South Korea, US to discuss revising nuclear energy pact: Report

- Last revised in 2015 and valid until 2035, pact allows S.Korea to produce low-level enriched uranium with US consent
25.08.2025 Nuclear

Türkiye's daily power consumption down 4.5% Aug. 23

- Electricity exports amount to 21,110 megawatt-hours and imports total 4,673 megawatt-hours
25.08.2025 Electricity
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