Households a wild card as Europe moves to end Russian gas dependence
Live MintCOLOGNE : A painful push by businesses to cut their natural-gas use is bringing Europe closer to its goal of weaning itself off Russian energy. Businesses, facing skyrocketing prices during a widening economic conflict running in parallel with Russia’s invasion of Ukraine, have ratcheted down their gas use in recent months. Small gas consumers in Germany, including households, began cutting gas use after Russia’s February invasion and hit a 6% reduction in April compared with expected demand, according to a working paper co-written by Lion Hirth, a professor of energy policy at the Hertie School in Berlin. “Top politicians still spend too much time and effort convincing the public they’ll protect them from higher prices and too little time convincing the public that they need to save energy." While a mild winter could give Europe a break on household-heating needs, according to economists, a particularly long or cold season could bolster gas prices as Russia presses on with its invasion.
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