Breaking News
Get 40% Off 0
🔎 See NVDA's full ProTips for an instant risks or rewards Claim 40% OFF

European Energy Crisis Prompts High-Level Conference

Published Sep 21, 2023 04:09PM ET Updated Sep 21, 2023 04:09PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
LCO
+0.18%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CL
+0.22%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NG
-1.35%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NYF
+0.48%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MCGBc1
+0.53%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

In the face of rising energy prices and geopolitical tensions, the European Central Bank (ECB), the International Energy Agency (IEA), and the European Investment Bank (EIB) are set to hold a high-level conference on September 29, 2023. The aim of this meeting is to discuss an orderly transition to renewable energy sources amidst a backdrop of energy price shocks in Europe.

The need for such a conference has been precipitated by a series of events that have led to an increase in energy prices across Europe. The invasion of Ukraine by Russia and subsequent international sanctions have caused a significant surge in oil and gas prices, with WTI and Brent crude benchmarks currently hovering around $90 per barrel. Some analysts even predict these prices could climb to $100 or more. Diesel prices have also been affected, rising above $140 in the US and experiencing a 60% increase in Europe since the summer.

These soaring energy costs are threatening the competitiveness of European industries. Input costs across the region, including the EU and UK, have increased significantly compared to other advanced economies such as Japan, the US, and Canada.

The upcoming conference represents an attempt by key European institutions to address these challenges and formulate a coherent strategy for transitioning to renewable energy sources. The current crisis underscores the urgency of this task, as Europe faces energy price shocks without a cohesive plan in place.

The meeting will take place in Paris and will likely involve discussions on securing affordable supplies of critical minerals for clean energy supply chains and fuels. However, political factors such as stalled negotiations between the EU and Mercosur, a coalition of South American nations, may complicate these efforts.

As winter approaches, concerns about Europe's preparedness for another potential energy price shock are increasing. The high-level conference on September 29 will be closely watched by industry stakeholders and policymakers alike, as they seek solutions to ensure a resilient and sustainable energy future for Europe.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

European Energy Crisis Prompts High-Level Conference
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email