The global energy balance and equation have completely changed since the start of the Russian occupation of Ukraine. It's no secret that the global energy system is suffering from a crisis because Russia has the power to secure energy supplies due to being the largest exporter of oil and natural gas in the world.
It's also clear by now that the energy crisis has now become a global crisis, as a result of the high dependence of European countries on Russia for natural gas, especially since Russia is the largest exporter of oil and natural gas in the world, in addition to using its natural gas as a weapon against the sanctions imposed on it by EU states.
Meanwhile, the repercussions of the Russian occupation of Ukraine and the rapid rise in energy prices have caused an energy crisis in several countries as they grapple with how best to move forward.
For this reason, the energy crises that occurred in the seventies of the last century were associated with the sudden rise in oil prices, but nowadays we are talking about the high prices of oil, natural gas, and coal prices.
This wave of price hikes could also affect all sources of energy security.
The high cost of a potential energy crisis
The heavy dependence on foreign actors in the field of energy poses a threat to the security of the energy supply, as high energy prices put a serious burden on the economy.
Russia's use of its natural gas as a weapon against EU sanctions, and its cutting off of natural gas from Poland, Bulgaria, the Netherlands, Denmark, and Finland, for refusing to pay for it in rubles, is significant in terms of explaining the extent of the energy crisis.
Russia has begun temporarily shutting off natural gas to Germany, which ranks as the largest economy in Europe, to carry out maintenance work on the Nord Stream 1 gas pipeline.
And if Russia makes the temporary shutdown of natural gas permanent, and thus cuts off natural gas, it becomes clear that this will cause a very serious energy crisis. Especially since Germany gets half of its natural gas from Russia.
Meanwhile, the lack of natural gas flow to Germany will not be similar to the countries that experienced a reduction in gas supplies before that, as it will have a serious negative impact on a host of other countries, especially in Europe from an economic point of view.
Clearly, the Executive Director of the International Energy Agency, Fatih Birol, said: "We are witnessing recently the most difficult and severe global energy crisis, and the world has never witnessed such a major energy crisis in terms of its depth and its complexity."
Securing Energy Supply in the New Era
As a result of the soaring energy prices globally and the economic and political burden resulting from external dependence in the field of energy, we are in the middle of an era in which the search for securing energy supplies and reducing foreign dependence in the field of energy will accelerate.
Although it is not easy to reduce external dependence in the field of energy in the short term, the use of fossil fuels, renewable energy sources, and nuclear energy are all considered important sources of securing energy supplies.
The search for these resources will shape the energy equation in the new era to a large extent.