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President of the Institute for Energy and Finance Foundation, Director of the Centre for Economic Expert Analysis, the Institute for Public Administration and Governance of the HSE University
Europe’s dependence on Russian supplied gas has drastically reduced. Nevertheless, several EU member states retain an interest in continued Russian exports given the steep costs of switching to alternative supplies.
After a period of record growth in 2022, gas spot prices in the European market have returned to the levels seen two years ago. Europe has managed to adapt to the reduction in supplies from Russia, but price volatility and consumption risks persist.
There has never been such expensive gas in Europe as recently: over the 12 months up to the end of November, prices increased more than 5-fold. The situation raises the question of whether this crisis is temporary or it signifies structural problems in the energy markets.
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