Revue des Economies financières bancaires et de management
Volume 13, Numéro 2, Pages 66-82
2024-12-22
The Impact Of Crises On Energy Prices (2021-2023) European Union Case
Authors : Agram Insaf . Rahal Fatma .
Abstract
The 2021-2023 energy crises demonstrated how global events impact energy pricing. COVID-19 caused initial drops in energy demand, followed by a rapid price surge during economic recovery, worsening energy poverty in the EU. The Russia-Ukraine conflict further disrupted supply chains, highlighting Europe's dependence on Russian energy. The crisis drove inflation, hindered GDP growth, and strained public finances. Despite post-2022 price declines, long-term challenges remain for the EU's energy autonomy and economic competitiveness. The push toward renewables faces obstacles, such as reliance on critical minerals, mainly from China, complicating the balance between affordability, security, and sustainability.
Keywords
Energy crisis ; Geopolitical tensions ; Energy poverty ; Inflation ; Energy security.
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