For centuries, historians have been passionate for – and controversy on – the influence of the climate on the destiny of nations. Certain rains precipitate revolutions, as in 1789. The fall-winter 2022 will remain in the annals for its sweetness and for its spectacular effect on the prices of energy in Europe.
Because consumers have shot the gas tap less, the price of this precious molecule has fallen for over a month. So much so that they returned on Monday, January 2, on February 21, 2022, on Monday, January 2, 2022, before the start of the war in Ukraine. Thus, the drop in demand has erased the consequences of the quasi-sponsor of the main gas supplier in Europe: Russia.
After having culminated at more than 340 euros in August, the price of the megawatt hour delivered in February oscillates around 73 euros, or almost five times less. Consequently, and this is the other good news from this beginning of 2023, electricity follows the same slope, with a decrease in the price of wholesale by four compared to the peak of summer 2022.
Decrease in heating
This movement as unexpected as spectacular is also the very consequence of the explosion of prices. In order to lighten an invoice that has become delusional, companies have reduced their consumption, often by stopping facilities, while offices and individuals have dropped the heating.
Finally, the global energy economy has reorganized at very high speed. If it takes twenty years to build a nuclear reactor, it only took six years in the United States to move from importer status to that of the world’s leading exporter of liquefied natural gas, thanks to its deliveries in Europe. According to calculations by the Bloomberg agency, the country should exceed Qatar from the start of this year.
However, Europe has not finished with expensive energy. The prices remain greater than those of summer 2021 and the exit of China from its zero covid policy should boost the request for gas, like that of other raw materials. Without forgetting the energy transition and the investments it requires, both on the nuclear and renewable side. And, this time, it will take more than a soft season to mitigate the bill.