• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 9 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days e-truck insanity
  • 11 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Tesla to Lay Off Over 10% of Global Workforce

Tesla to Lay Off Over 10% of Global Workforce

Tesla is laying off over…

U.S. Senator Pushes for Ban on Chinese Electric Vehicles

U.S. Senator Pushes for Ban on Chinese Electric Vehicles

Senator Brown urges President Biden…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

German Energy Giant Warns Europe’s Crisis Is Not Over Yet

  • German utility firm E.On believes that Europe’s energy crisis is still not over despite energy markets having calmed significantly.
  • While intraday volatility is still high in European energy markets, there were not any significant price spikes in the first half of 2023.
  • Despite warnings that the energy crisis isn’t over yet, there is a sense that risks are diminishing and the industry has become more resilient.

Despite significantly calmer energy markets and much lower wholesale natural gas prices, Europe could still face price spikes this winter if a sudden shortage of supply coincides with colder-than-normal temperatures, according to one of Germany’s top utility firms, E.ON.

“While intraday volatility remains high relative to the period before the energy crisis, significant price spikes comparable with August 2022 did not occur in the first half of 2023,” E.ON said in its half-year results on Wednesday.  

“The likelihood of a repetition of the crisis of last winter has gone down significantly, which can also be seen in the forward market,” CEO Leonhard Birnbaum told Bloomberg Television in an interview.

“But we have to be clear that the structural change due to the Russian war in Ukraine and the drop out of Russian gas in the supply of Europe is going to stay and therefore the crisis is not over,” he added.

The energy crisis is not over yet, and the situation with energy supply in Europe could deteriorate later this year, E.ON’s chief financial officer Marc Spieker said at the Q1 results presentation in May.

Today, E.ON is more optimistic about this year and the coming winter compared to last year, and reported adjusted core earnings up by 40% in the first half of 2023 compared to the first half of 2022, which was “adversely impacted by the energy-industry environment.”

“After a long period of crisis, we sense that the headwinds for our business are diminishing. We see our markets increasingly recover,” Birnbaum said, stressing the importance of advancing the energy transition.

“The crisis has made us all aware that sustainability, supply security, and energy affordability always have to be considered together. Persistent government intervention and hasty reforms, such as those discussed in Europe and in many member states during the crisis, would do more harm than good,” Birnbaum added.

By Tsvetana Paraskova for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News