Here is how much Italy depends on energy imports. Intesa Sanpaolo Report
What the Intesa Sanpaolo study says on the energy crisis in Europe, between volatility and green transition
An unprecedented global energy crisis erupted in 2021 for a long series of causes:
- globalization in gas markets;
- strong post-pandemic recovery and shortage of raw materials;
- conflicts between various political and geopolitical objectives;
- climatic changes, unusual or exceptional weather conditions.
In Europe, price volatility and the vulnerability of energy systems are attributable to a wider dependence on imports of fossil fuels:
- structural decline in domestic gas production;
- decommissioning of nuclear power plants in Germany;
- green transition and an efficient market for emission rights.
According to the analyzes of the Intesa Sanpaolo economists, assuming that the crisis between Russia and Ukraine does not cause serious interruptions in flows, the gas and energy markets should gradually return to equilibrium: supply should increase, the destruction of demand should continue .
In our baseline scenario, gas and energy prices decline in the coming months, but remain persistently above the 5-year average. Volatility remains a threat as the transition to cleaner energy sources proceeds.
The main sources of uncertainty are due to geopolitical risks and weather conditions.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/intesa-sanpaolo-studio-crisi-energia/ on Sun, 20 Feb 2022 07:11:54 +0000.