Will we see a resurgence in Europe's energy security concerns?

Valentina Romeo

Europe is not out of the woods yet when it comes to energy security. From dependency on liquified natural gas to the lack of progress in key renewable projects, the challenges persist for Europe as their winter sets it.

Europe's energy security remains a key concern despite the progress the region has made in weaning itself off Russia’s gas imports.

Throughout 2022 and 2023, European nations have significantly increased their reliance on alternative energy sources, reducing their dependence on Russian natural gas and swiftly replenishing their gas storage levels.

At the same time, relatively mild weather last winter meant demand for fossil fuels remained low, helping with the energy transition efforts in many countries.

However, pressing questions remain on whether all these preparations will be sufficient to face the coming months. Will Europe be able to tackle the potential challenges that the energy market could pose in 2024 and beyond?

Who supplies Europe's energy today?
After fears that Europe could run out of gas in 2022 after Russia cut gas exports following the start of the Ukraine conflict, its energy position has been looking much more stable.

Norway has replaced Russia as the largest gas supplier, while a combination of mild winter temperatures, lower energy prices and the boost of liquified natural gas (LNG) imports from international suppliers ensured Europe survived the past winter and could plan ahead.

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