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The world is in an energy crisis

The first energy crisis in the era of clean energy, the challenge of transforming traditional petrochemical energy into renewable energy.

More than 30 countries have been affected by the energy crisis, including the 27 countries of the European Union, Britain, Brazil and India. There was a petrol rush in the UK, a collapse in Brazil’s power grid and a “perfect storm” for India’s power sector.

Natural gas has recently become one of the most expensive commodities in the world because of the European energy crisis. European gas supply contracts jumped 23 per cent to a record €117.50 per megawatt hour in November, up from just €18 six months earlier and up more than 1,000 per cent from a record low in May 2020, according to market data.The crisis highlights Europe’s challenges in shifting from traditional fossil fuels to renewables, According to Bloomberg analysis.

01. Price pressure

Bloomberg forecasts that electricity consumption is expected to increase 60 per cent by 2050 as the world phases out fossil fuels and switches to electric-powered cars, stoves and heating systems.

Continued economic and population growth will also boost consumption. As the world goes increasingly digital, this will mean that dependency will increase at a time when people need constant electricity more than ever before.

Surging demand for electricity combined with volatile oil prices means the world is likely to be in turmoil for decades to come. The consequences could include energy-driven inflation, rising income inequality, and the looming threat of blackouts and lost production.

02. Global Impact

Energy systems on the planet are interconnected, and they have been hit hard by the soaring price of natural gas.

Britain’s “energy crunch” is causing a rush for petrol, with knock-on effects in the country’s food industry and supply chain. If this problem is not resolved soon, the economy is likely to face more serious problems.

U.S. natural gas futures rose 9.78% to an all-time high Tuesday, marking the third one-day gain of more than 9% in the past 10 trading sessions, as supply and demand in the world’s natural gas hub tighten.

South America’s largest economy previously relied on hydropower for 60 percent of its electricity. But this year, due to unusual weather, a severe drought has caused water levels in reservoirs to drop, and hydroelectric power has become unstable. Brazil has switched on natural gas generators to ease the power grid collapse, which is bound to lead to higher gas prices, Sinochem said.

An unprecedented energy crisis also came at a critical time when India’s economy was beginning to recover. Of India’s 135 coal-fired power plants, 112 have less than a week’s supply, more than 70 have less than three days’ supply and 16 have run out of power.

Tight energy supplies

Jeff Currie, global head of commodities research at Goldman Sachs, said a lack of investment in fossil fuels was one of the main causes of tight energy supplies.


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