International Energy Agency (IEA)’s Post

If not addressed, this will stop #energytransition in its tracks. To become universally clean, energy will have to be universally affordable and secure. Easier said than done, of course. This might only be possible to achieve bottom up - starting locally - because the global #policy vantage point is too far removed from the problems, to find the right-fit solutions.

Global energy prices soared 20% in 2022, disproportionately affecting low-income households already struggling with bills. Addressing this crisis underscores the urgency for equitable energy solutions. Bizbell Bizbell Energy Bizbell Ventures Hydro Village Sushmit Energy #energyprices #equity #globalimpact #resources #equitable #energy #solutions #urgency #incomelevel #households

With the U.S. expected to record its hottest summer ever in 2024, consumers are bracing for a spike in cooling costs. However, the size of your energy bill is dictated by an array of factors beyond the daily temperature.

Curious about how energy prices in the U.S. compare to the rest of the world? It turns out there's a huge disparity! Check out our blog to see where the U.S. ranks and which countries have the lowest and highest energy costs: https://lnkd.in/dXn-ZpaT #NotJustAnEnergyBroker #ThatsBrilliant #USvsGlobal #EnergyDisparity #LowestEnergyPrices #HighestEnergyPrices

Will energy shortages lead to soaring prices? Energy experts have sounded the alarm over the UK’s heavy dependence on imports, cautioning that this leaves the nation vulnerable to price volatility. Analysis conducted by the International Monetary Fund (IMF) last year revealed that the energy crisis had a more severe impact on UK household budgets than any other country in Western Europe. Analysts suggest closing several gas storage facilities in 2017 exacerbates the current crisis. Although plans are in place to reopen some of them, the UK currently possesses only a few days’ worth of gas storage, while countries like Germany and the Netherlands have enough reserves to meet months of demand. Hoping we are not too exposed and left reliant on others.

For some countries, energy prices hit historic levels in 2022. Gasoline, electricity, and natural gas prices skyrocketed as Russia’s invasion of Ukraine ruptured global energy supply chains. Households and businesses are facing higher energy bills amid extreme price volatility. Uncertainty surrounding the war looms large, and winter heating costs are projected to soar. Given the global consequences of the energy crisis, the above infographic shows the price of energy for households by country, with data from GlobalPetrolPrices.com. The majority of the highest household electricity prices are in Europe, where Denmark, Germany, and Belgium’s prices are about double that of France and Greece. For perspective, electricity prices in many countries in Europe are more than twice or three times the global average of $0.14 per kilowatt-hour. Over the first quarter of 2022, household electricity prices in the European Union jumped 32% compared to the year before. Source: https://lnkd.in/eCvavd7Y #energycrisis #costoflivingcrisis #energyprices

For some countries, energy prices hit historic levels in 2022. Gasoline, electricity, and natural gas prices skyrocketed as Russia’s invasion of Ukraine ruptured global energy supply chains. Households and businesses are facing higher energy bills amid extreme price volatility. Uncertainty surrounding the war looms large, and winter heating costs are projected to soar. Given the global consequences of the energy crisis, the above infographic shows the price of energy for households by country, with data from GlobalPetrolPrices.com. The majority of the highest household electricity prices are in Europe, where Denmark, Germany, and Belgium’s prices are about double that of France and Greece. For perspective, electricity prices in many countries in Europe are more than twice or three times the global average of $0.14 per kilowatt-hour. Over the first quarter of 2022, household electricity prices in the European Union jumped 32% compared to the year before. Source: https://lnkd.in/eCvavd7Y #energycrisis #costoflivingcrisis #energyprices

New data from the Department for Energy Security and Net Zero shows that UK electricity prices rose to levels higher than those in any other EU country whereas gas prices were among the lowest. Household consumers in the UK faced higher electricity prices in the second half of 2023 than those in any of the 27 EU countries – standing at £0.36 per kWh (all taxes and levies included). Gas prices were the 9th least expensive compared to 27 EU countries and the 2nd least expensive compared to the 14 countries that were members of the EU prior to 2004, standing at £0.08 per kWh. Demand was much lower too - due to higher bills and warmer weather. As electricity prices are coupled with volatile natural gas prices, the cost of electricity remains high even if household gas prices are lower. The high electricity-to-gas price ratio in the UK strains household budgets and slows down decarbonisation. The experience of other countries shows it doesn’t have to be this way. It's vital that the next UK government tackles the high price of electricity: https://lnkd.in/eX-Y-ZVd

Domestic energy prices will fall by 16% in April, according to a prediction by consultancy Cornwall Insight, bringing some relief to billpayers. It said the annual household bill when using a typical amount of gas and electricity was expected to drop from £1,928 to £1,620. Households have endured two years of high prices, but analysts suggest there could be a further fall in the summer. Bills would still be higher than the pre-crisis norm. The prediction is not guaranteed, as it will be another month before the regulator, Ofgem, sets its price cap for the second quarter of the year. "Healthy energy stocks and a positive supply outlook are keeping the wholesale market stable. If this continues, we could see energy costs hitting their lowest since the Russian invasion of Ukraine," said Craig Lowrey, principal consultant at Cornwall Insight.   There remains uncertainty over wholesale oil prices owing to disruption in the Red Sea, and wider tensions in the region, but so far that has not affected prices. Supplies of liquefied natural gas from the US, and low prices in the Asian market, have kept prices down. "Concerns that events in the Red Sea would lead to a spike in energy bills have so far proved premature, and households can breathe a sigh of relief that prices are still forecast to fall," Mr Lowrey said. "Though recent trends hint at possible stabilisation, a full return to pre-crisis energy bills isn't on the horizon." https://lnkd.in/ePv_nAcD

Global electricity demand growth is expected to slow down in 2023 due to falling electricity consumption in advanced economies, impacted by the global energy crisis and slower economic growth. European Union's electricity demand is projected to decline for the second consecutive year, reaching its lowest levels in two decades. Europe's energy-intensive industries are struggling to recover, affecting electricity demand. This report provides the most recent data for the year 2022 and includes projections for global electricity demand, supply, and emissions up to the year 2024. It delves into the current developments in key regions such as China, the United States, the European Union, and India. Additionally, it offers a detailed analysis of Wholesale Electricity Prices, which continue to stay higher than pre-2021 levels in several regions.