The European energy market is expected to be most markedly affected by the energy crisis this year, Olivér Hortay, head of the energy and climate policy business department of Századvég Gazdaságkutató Zrt., told Magyar Hírlap.
He explained that the lack of supply is aggravated by the fact that Germany closed three of its six operating nuclear power plants at the end of last year, and that, according to the current position of the new German government, the Nord Stream-2 gas pipeline will hardly start operating in the current heating season.
In the first weeks of the year, the demand pressure was eased by the unusually mild weather, however, due to the low level of storage capacity in Europe and the scarcity of sources of supply, a prolonged period of cold, windless weather may still pose a significant risk. The price of energy carriers is still extremely high, and based on futures markets, their significant decrease is not expected in the near future either, explained the expert. He also said that it is not in Ukraine's economic interest to limit gas transit, but if it does, it could cause significant challenges in supplying Europe.
In addition, increasing residential energy prices across Europe are causing increasing social risks, which are expected to rise further in the coming months. The Ukrainian transit has no direct impact on Hungary's long-term gas contract, because under the new agreement, natural gas comes from the south, and the domestic population is also protected by the utility reduction program, so it is expected that households will not have to deal with gas supply problems or price increases at home. With the utility reduction, an average of HUF 32,000 remains in the families' pockets every month.
The newspaper wrote that it is clear from the statistics of the Hungarian Energy and Public Utilities Regulatory Office that the price of electricity and natural gas in Hungary has been one of the lowest in Europe for about two years. In the European recession, Brussels' responsibility is clear because, under the slogan of climate protection, it forced the downsizing of traditional European energy production, so that the investments of energy-exporting countries also lagged behind. The signs of the crisis were already visible last spring, as shown by the record low reservoir level and the growing demand, the latter of which is legal after a period of crisis such as the coronavirus epidemic.
With the expansion of the Paks nuclear power plant and the implementation of solar energy investments, Hungary will become fully self-sufficient in the field of electricity, something that few countries can say about themselves, Péter Szijjártó, Minister of Foreign Affairs and Trade, said yesterday, according to the ministry's press release at the Paks Nuclear Power Plant. Péter Szijjártó added that one of the safest and most efficient power plants in the world operates in Paks, which guarantees the continuity of the electricity supply.
"The past period has proven that crisis situations can occur at any time in the field of energy supply. In such cases, the countries that can largely supply themselves with energy are safe," he pointed out. Currently, about half of the electricity produced in our country is connected to the Paks nuclear power plant. Péter Szijjártó stated that nuclear power plants represent a safe, clean and cheap form of energy production. He went on to say that this is why the government decided to build two new reactors, which will be capable of 2,400 megawatts. With this and solar energy investments, Hungary will become fully self-sufficient in electricity.
Source: Magyar Hírlap
Image: Hirado.hu
