POB6. Researchers' opinions. The impact of the Ukraine war on global energy markets, EU energy self-sufficiency and the transition to a low-carbon economy.
„Instability in world energy markets will continue beyond the war in Ukraine. Europe will be less dependent on Russia’s fossil fuels, but a weakened Russia could still cause problems.
The war in Ukraine is not about oil and gas, but the conflict has further disrupted an already volatile situation, in which energy prices were rising due to post-lockdown energy demand exceeding supply. The consequences of Russia’s attack on Ukraine will take years to play out, whatever happens next: the only credible forecast is of uncertainty and further price volatility. To give some idea of the range of that uncertainty, the following analysis considers what is happening now, what might happen in a year’s time, and what could things look like two to three years from now.”
(Prof. Nick Butler, Visiting Professor and Founding Chair of the Policy Institute, King's College London, source, read more: https://www.cer.eu/insights/impact-ukraine-war-global-energy-markets , 09.08.2022)
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