During its annual meeting this year, the World Economic Forum stated that Ukraine can help the EU to fortify its energy security because of its large reserves of natural gas and nuclear-powered electricity production.
French authorities have reported that half of the country's nuclear power plants are now offline for maintenance or defects, at a time of soaring demand for electricity amid the energy crisis in Europe.
Gas imports from Russia make up 40% of the European Union’s gas consumption. Nord Stream 2 when operational could have supplied 55 billion cubic meters of natural gas or ten percent of Europe’s annual consumption.
In September 2021 and October 2021 (till date) alone, 14 suppliers serving over 2 million customers have ceased operations in the UK. Bohemia Energy, serving over 900,000 electricity and gas customers in the Czech Republic terminated its services with immediate effect on 13 October 2021. The wholesale electricity prices have increased by over 200% compared to 2019. Why are power prices surging in Europe? The European Energy Crisis: How did we get here and where do we go from here?