Two Countries Racing to Solve Europe's $800 Billion Energy Crisis
LONDON, March 6, 2024 /PRNewswire/ -- At this moment, a fast-moving development is unfolding in Europe's energy industry that is gaining more attention by the day. Europe's energy crisis, triggered by Russia's early 2022 invasion of Ukraine, put an end to decades of reliance on cheap natural gas supplies from Russia. In the short term, this meant significantly higher energy prices throughout Europe, with energy costs rising by 40.8% annually within the EU as of September 2022. Companies mentioned in this release include: TotalEnergies (NYSE:TTE), Eni (NYSE:E), Equinor (NYSE:EQNR), BP plc (NYSE:BP), Shell plc (NYSE:SHEL).
- Europe's energy crisis, triggered by Russia's early 2022 invasion of Ukraine, put an end to decades of reliance on cheap natural gas supplies from Russia.
- In the short term, this meant significantly higher energy prices throughout Europe, with energy costs rising by 40.8% annually within the EU as of September 2022 .
- And one company is emerging as a potential leader in the race for home-grown solutions to energy crisis: MCF Energy (MCF.V; MCFNF.QX).
- BP plc (NYSE:BP) stands as a beacon of innovation and adaptability in the global energy sector, notably within Europe's energy landscape.