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aleBank.pl – economic portal – the closest to finance

aleBank.pl - economic portal - the closest to finance

According to current estimates, the European Union spends about 9% of its GDP on energy purchases. This is the highest level in 40 years. Total energy prices have risen more than 10 times the average over the past five years as Russia’s cutbacks in gas supplies and power plant failures cut supply even further.

Photo stock.adobe.com / Roman Chigave

According to current estimates, the European Union spends about 9% of its GDP on energy purchases. This is the highest level in 40 years. Total energy prices have risen more than 10 times the average over the past five years as Russia’s cutbacks in gas supplies and power plant failures cut supply even further.

According to ENERGY ASPECTS LTDThe European energy crisis could extend until the end of 2023.

Meanwhile, the U.S. currently spends 4.4% of GDP on energy, below the average over the past 40 years and nearly three times less than in the late 1970s.

Thus the EU loses competitiveness with the US. In the euro area, the consumer confidence index fell to an all-time low due to the energy crisis and rising inflation.

The European Central Bank forecasts a sharp decline in euro area growth in 2023 from 3.1% in 2022 to 0.9%. Deutsche Bank economists are more pessimistic. They forecast that eurozone GDP will shrink by 2.2% next year.

EU energy projects

The answer to these threats is the EU’s project “Digitalisation of the Energy System”, which will be presented by the European Commission next week. It plans to invest €565 billion in infrastructure by the end of the decade to support climate change and end dependence on Russia.

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The European Commission proposes to make electricity consumption data available from 2024 to increase flexibility in regional energy markets and to get the surplus produced by small energy sources into the grid.

The commission wants solar panels to be installed on the roofs of all commercial and public buildings by 2027 and on all new residential buildings by 2029.

The document calls for installing 10 million heat pumps over the next 5 years and increasing the number of zero-emission cars to 30 million by 2030.

Abnormal charges from energy producers

By March 2023, the EU will set up a committee to improve the exchange of energy data between member states and companies.

On September 28, the Commission proposes measures to mitigate fluctuations in energy supply and increase the volume of trading in energy markets.

On September 30, energy ministers are set to consult on imposing extraordinary tariffs on power producers, especially to reduce electricity demand during peak hours.

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