Energy crisis in Europe to worsen in 2023

Europe will face a difficult task to replenish gas stocks next year compared to this winter. This means electricity bills will remain high and governments will have to introduce rationing measures they have so far avoided.

Gas supplies from Russia have declined significantly. Therefore, replenishing storage will become more difficult as fuel reserves are going to be exhausted by early 2023, according to Reuters.

It will also be harder for governments weakened by high energy prices to bear the cost of purchasing gas on the open market.

Fatih Birol, Executive Director of Paris-based International Energy Agency (IEA) said that filing storage ahead of cold season next year will be much harder compared to this year.

According to the IEA, Europe could face a shortage of approximately 30 billion cubic meters of fuel next winter, equivalent to nearly 7% of 2021 demand.