European energy markets have been on supply alert recently, with gas shortages increasing. Gas prices and electricity prices have risen sharply as the winter heating season gets underway. Russian Deputy Foreign Minister Sergei Ryabkov said On October 12 that Russia has been a reliable supplier of natural gas to Europe and is willing to cooperate with the European Union to avoid rising energy prices.


Russia said it was willing to work with the European Union to deal with the crisis


Europe's gas shortages have worsened recently, with storage capacity at less than 75 per cent, the lowest level for this time of year in more than a decade. As global gas prices have doubled since October, 61 suppliers in Germany plan to raise gas prices sharply this winter, affecting an estimated 375,000 households, German media reported Tuesday. The average cost per megawatt-hour of electricity this month was 155 euros, up 356 percent from the same period last year, according to the Leipzig Electricity Exchange. In Germany, heating costs rose 33% in September from a year earlier, while electricity bills rose 4%, according to the portal.

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Russian Deputy Foreign Minister Sergei Ryabkov said Tuesday that Moscow has been and will be a reliable supplier of natural gas to Europe, and that Russia is willing to cooperate with the EU to avoid rising energy prices, Sputnik news agency reported. Earlier, Eu Foreign Affairs and Security Policy chief Henrique Borrell said in a media interview that the EU may need more Russian gas.


In response to the European energy crisis, some members of the European Parliament questioned Russia's intention to limit gas exports to Europe, leading to a surge in European gas prices, and called for an investigation into exporter Gazprom. In response, Yushkov, chief analyst of the Russian National Energy Security Foundation, said in an interview that the accusations about Russia raising gas prices lack sufficient evidence. Gazprom is sticking to its contracts and even increasing gas supplies to Europe.


Why is Europe in an energy crisis?


Recently, the European energy market sounded a supply alarm, gas, electricity, oil, coal and other energy prices have soared. Natural gas prices, in particular, have hit record highs. So why is Europe in an energy crisis? Analysts say that the European energy crisis is the result of a combination of factors.


First, the global economy gradually recovered in the post-pandemic period, which stimulated energy demand and broke the original balance of supply and demand. Second, the US and Europe experienced an unusually cold winter last year and a cold spring this year, which increased demand for gas for heating, but gas distributors failed to replenish stocks in the first half and inventories remained low. The us and Europe have experienced unusually high temperatures this summer, increasing demand for energy for cooling.

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Wind power output in Europe has been well below average this year because of a long period of low winds. A rare drought in places like Norway has also reduced local hydropower output, making it difficult to meet export demand; Britain's domestic nuclear power plants are undergoing maintenance, while Germany, Sweden and other countries continue to shut down their nuclear power plants under the policy of de-nuclearization. These factors have led to a resurgence in coal generation, and the chain reaction has led to supply shortages and higher prices, leading to a vicious cycle of energy supply.


Some European politicians have blamed Russia for not adding enough gas to the continent in the face of the current energy crisis, but many European energy companies say supplies from Russia have not been cut, a comment Reuters attributed to consumer pressure. Russia also denies manipulating gas supplies and accuses the US of cracking down on Russia to the detriment of Both Russia and Europe. Nord Stream 2 is already pumping gas, but it has been blocked by the United States and the approval process has not been completed.


In the short term, analysts say, Europe will struggle to escape the tight energy supply situation. Europe faces rising energy prices as winter sets in. At the same time, higher energy prices are translating into high inflation, affecting consumer confidence.