EU Faces Energy Crisis Before Winter

The European Union is facing another energy crisis, this time before winter even sets in. The decade-long energy struggle has left the EU vulnerable to geopolitical tensions and supply disruptions.

High energy prices have been a persistent problem for Europe since the pandemic and the start of the Ukraine war. In 2021, the EU's energy bill doubled to €1.8 trillion, exposing its long-standing loss of ground in global economic competition.

The current crisis has been exacerbated by the U.S.-Iran war and heatwaves that broke electricity demand records across Europe. As a result, the EU is expected to rely on LNG imports to meet its winter gas needs, which will further drive up prices.