As Western heads of state waver about when and to what degree they are willing to support Ukraine's sustained efforts against Russia, Europe's battle against rampant energy costs keeps gathering momentum. The knock-out gas prices that threatened to break the bloc's industrial backbone have been curbed and perhaps even laid to permanent rest.
Though war fatigue on the continent risks costing Ukraine its independence, the energy transition that it kicked into gear is only picking up speed. Notably, gas consumption is at a ten-year low with analysts giving the nod that we can now let out a sigh of relief. Prices have been falling for successive months and with Europe moving into a warmer season, there's no reason to fear the energy death grip of 2022, when natural gas soared to €342/MWh.
Not only have LNG storage facilities been enlarged and filled, Europe's stomach for this hydrocarbon has been fastened with a gastric band. The roll-out of renewables is making strides and attitudes towards nuclear have U-turned as the case for a concentrated source of zero-emission electricity is now incontestable.
Moreover, household habits have shifted as looming energy bills pushed us to take a cold look at our usage – an uncomfortable process but one that has made us far more wary of the impact of just a couple of clicks on a thermostat. Added to this, the value of home improvements in the name of efficiency is now clear, with Belgium even tying rental indexations to a satisfactory energy performance certificate.
This isn't to say that we've gone off Russian gas altogether. Now in liquified form since the Nord Stream pipelines pumping the gas across the Baltic Seabed were mysteriously ruptured, liquid gas comes by the shipload to Belgium – the third-largest importer globally. It's a situation that has been branded arch-hypocrisy as Europe continues to fund the Russian war effort. But despite the regrettable arrangement, Europe isn't yet ready to go cold turkey on the imports.
Free from the existential dread that hangs over Ukraine, many Belgians will instead be wondering if now is the ideal moment to switch energy contracts. Are you celebrating? Let @Orlando_tbt know.
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