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Did Europe overcome its energy price crisis thanks to renewables? | DW News

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Is Europe's gas price crisis finally over? Wholesale natural gas costs for the continent have fallen to levels not seen since late 2021 - and several months before Russia's invasion of Ukraine. High gas prices have been a major driver of inflation across Europe. The knock-on effects of the war and sanctions against Moscow saw them hit record highs in 2022. But an unusually mild winter that's seen temperature records broken in many countries has meant lower demand than usual, allowing wholesale gas prices to tumble.

As it tried to make up for lost gas supplies from Russia, Germany used more renewable energy than ever before in 2022. However, it still failed to reach its CO2-reduction goal, according to the energy think tank Agora. Agora's report suggests the share of renewable energy in Germany's overall power supply mix has reached an all-time-high of 46 PERCENT last year. Favorable weather conditions for wind and solar power played a significant role. However, more than a slight increase in renewable energy production was needed to prevent Agora's other major finding - that Germany's CO2 emission reduction has stalled. It produced almost as much greenhouse gas last year as the previous year - partially because of the reactivation of coal plants to make-up for lost gas from Russia. So is Germany doing worse with its energy transition than it should be?


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Category
Europe
Tags
DW News, energy crisis, energy transition
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