Opportunity through crisis
If fuel and gas become more expensive, renewables, electric cars and heat pumps should benefit. But it’s not quite that simple. When and how energy crises make a difference
Renewable energies are producing more and more electricity, but Austria cannot yet do without gas-fired power plants. If gas prices rise, electricity prices usually follow suit.
Rising energy prices, as is currently the case due to the war in the Middle East, are usually not good news: refueling and heating become more expensive, inflation rises, and economic growth is slowed. After Iran restricted shipping traffic in the Strait of Hormuz, prices for Brent crude oil rose by more than ten percent compared to the previous day. Meanwhile, gas prices have also risen sharply. Austria, which imports more than 90 percent of the oil it needs and almost 100 percent of its natural gas, is also feeling the consequences.
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